Friedman Company had bonds outstanding with a maturity value of $500,000. On April 30, 2013, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Friedman had issued other bonds a month earlier bearing a lower interested rate. The newly issued binds had a life of 10 years. the new binds were issued at 103 (face value $500,000). Issue costs related to the new bonds were $3,000. Instructions: Ignoring the interest, compute the gain or loss and record this refunding transaction