Hurley Co. has outstanding $420 million face amount of 9% bonds that were issued on January 1, 2007, for $409,500,000. The 20-year bonds mature on December 31, 2026, and are callable at 102 (i.e., they can be paid off at any time by paying the bondholders 102% of the face amount).

b-1. Assume that the bonds are called on December 31, 2019. Use the horizontal model to show the effect of the retirement of the bonds. Indicate the financial statement effect. (Hint: Calculate the amount paid to bondholders; then determine how much of the bond discount would have been amortized prior to calling the bonds; and then calculate the gain or loss on retirement.) (Enter your answers in dollars, rather than in millions of dollars. Enter decreases with a minus sign to indicate a negative financial statement effect.)