Nickel Inc. bought $400,000 of 3-year, 7% bonds as an investment on December 31, 2017 for $428,000. The investment receives interest annually and Nickel uses straight-line amortization. On May 1, 2018, the issuer retired $80,000 of the bonds at 118. As a result of the retirement, Nickel will report a: (Do not round intermediate calculations and round final answer to nearest whole dollar.) Multiple Choice $9,422 gain. $12,000 loss. $92,533 loss. $16,000 gain