On December 1, 2021, Joy Corporation raised additional capital by issuing 10% 1,000,000 face value bonds for 1,100,000 plus accrued interest. Interest is payable semiannually on November 1 and May 1. The book value of the bonds, including the unamortized premium, was 1,050,000 as of December 31, 2023.

On August 1, 2024, Joy redeemed the bonds at 97, plus accrued interest. The company uses the straight-line method for the amortization of bond premium.

1. What is the monthly amortization of the bond premium?

2. The book value of bonds as of August 1, 2024, after updating premium amortization, is?

3. What is the gain or loss on early extinguishment of the bonds?