Determining Gain or Loss on Bond Redemption On January 1, two years before maturity, Easton Company retired $300,000 of its 8.5% bonds payable at the current market price of 102 (102% of the bond face amount, or $300,000 1.02 = $306,000). The bond book value on January 1 was $298,000, reflecting an unamortized discount of $2,000. Bond interest was fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds? Note: Do not use a negative sign with your answer. $