February $1,2020,$ Santiago Inc. issued $10\%,$ $$1,000,000$ bonds for $$1,116,000.$ Santiago retired all of these bonds on January $1,2021,$ at $102.$ Unamortized bond premium on that date was $$92,800.$How much gain or loss should be recognized on this bond retirement?$ $0$ gain$ $96,000$ gain$ $72,800$ gaind$)$$ $112,800$ loss