January 1, 2018: Excel Corporation issued 15 year, 8% bonds with a face value of $1,675,000. The bonds were sold to yield 9%. Interest is payable semi-annually on January 1 and July 1. On January 1, 2024, Excel Corporation paid the interest payment due on that date and then called all the bonds at 103.5.

What is the amount of gain or loss on this call? Prepare all journal entries for the call date, January 1, 2024.