EM Entertainment Inc. issued $1,000,000, 8% bonds, receiving a $30,000 premium. On the interest payment date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation purchased the entire issue on the open market at 95 and retired the issue. As a result, the gain on retirement was Multiple Choice $12,000 $13,000 $18,000