Crane Company received proceeds of $1048000 on 10-year, 6% bonds issued on January 1, 2016. The bonds had a face value of $1112000, pay interest annually on December 31st, and have a call price of 104. Crane uses the straight-line method of amortization. Crane Company decided to redeem the bonds on January 1, 2018. What amount of gain or loss would Crane report on its 2018 income statement?

$95680 loss

$51200 loss

$51200 gain

$95680 gain