Motorboat Company had a 12% bonds payable with carrying amount of P8,320,000 on December 31, 2019. The bonds, which had a face value of P8,000,000, were issued at a premium to yield 10%. The entity used the effective-interest method of amortization. Interest was paid on June 30 and December 31. On June 30, 2020, several years before their maturity, the entity retired the bonds at 105 plus accrued interest. What is the loss on retirement in 2020