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Crazy Corporation issued $300,000 of 10%, 20-year bonds at 106 on January 1, 2012. Interest is payable semiannually on June 30 and December 31. Through

Crazy Corporation issued $300,000 of 10%, 20-year bonds at 106 on January 1, 2012. Interest is payable semiannually on June 30 and December 31. Through January 1, 2017, Crazy amortized $3,000 of the bond premium. On January 1, 2017, Crazy retires the bonds at 102. What is the gain on bond retirement at January 1, 2017?

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