MC Qu. 113 X2 issued callable bonds on January ... X2 issued callable bonds on January 1, 2015. The bonds pay interest annually on December 31 each year X2's accountant has projected the following amortization schedule from issuance until maturity: Interest Expense Date Cash Paid Decrease in CarryingCarrying Value Value 1/12015 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 $8,755 8,755 8,755 8,755 8,755 $107167 106,450 105,678 104,849 103,958 103,000 $717 $8,038 7,984 7,926 7,864 7,797 829 891 958 X2 buys back the bonds for $106,060 immediately after the interest payment on 12/31/2016 and retires them What gain or loss, if any, would X2 record on this date? No gain or Loss O $3,060 gain O $1,262 loss $382 loss