On January $1,2023,$ Cullumber Corp. issued $$1003000,10\%$ bonds for $$1043120.$ These bonds were to mature on January $1,2033$

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

$2028,$ Cullumber called all the bonds and retired them. Bond premium was amortized on a straight$-$line basis. Ignoring income taxes,

Cullumber's gain or loss in $2028$ on this early extinguishment of debt was

$$8024$ gain.

$$12036$ gain.

$$8024$ loss.

$$10030$ loss.