Extinguishment of Bonds Prior to Maturity On December 1,2017 , Cone Company issued its 9%,$620,000 face value bonds for $720,000, plus accrued interest. Interest is payable on November 1 and May 1 , On December 31,2019 , the book value of the bonds, inclusive of the unamortized premium, was 5660,000 . On July 1,2020, Cone reacquired the bonds at 99 plus accrued interest. Cone appropriately uses the straight-line method for the amortization because the results do not materially differ from those of the effective interest method. Required: Prepare a schedule to compute the gain or loss on this redemption of debt. Enter all values as positive values