On January $1,2020,$ Crane Corp. issued $4400$ of its $10\%,$$$1,000$ bonds for $$4576000.$ These bonds were to mature on January $1,$

$2030$ but were callable at $101$ any time after December $31,2023.$ Interest was payable semiannually on July $1$ and January $1.$ On July

$1,2025,$ Crane called all of the bonds and retired them. Bond premium was amortized on a straight$-$line basis. Before income taxes,

Crane's gain or loss in $2025$ on this early extinguishment of debt was

$$52800$ gain.

$$35200$ gain.

$$132000$ gain.

$$44000$ loss.