On January 1, 2 2XX1, Miami Co. issued $100,000 of bonds that mature in four years. The coupon rate was 10% with intere st to be paid annually on December 31. The annual effective rate is 8%. Assume that the fiscal year of Miami Co. is January 1 - December 31. Assume there was no bond issue cost.

If bonds had been retired on 12/31/2 2XX 1 for 110,000, how much gain/loss wo uld Miami Co. have recognized?