Current Attempt in Progress On January 1, 2016, Sheffield Corp. issued 3100 of its 10%, $1,000 bonds for $3224000. These bonds were to mature on January 1, 2026 but were callable at 101 any time after December 31, 2019. Interest was payable semiannually on July 1 and January 1. On July 1, 2021, Sheffield called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Sheffield's gain or loss in 2021 on this early extinguishment of debt was O $24800 gain. O $31000 loss. $93000 gain. $37200 gain