Culver Corporation had bonds outstanding with a maturity value of $550,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 102. To pay for these bonds, Culver had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $550,000). Issue costs related to the new bonds were $2,600. All issue costs were capitalized. Culver prepares financial statements in accordance with IFRS. Ignoring interest, calculate the gain or loss and record this refunding transaction.