On January 1, 2010, Fox Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, 2020, but were callable at 102 any time after December 31, 2013. Interest was payable semiannually on July 1 and January 1. After 5 12 years, on July 1, 2015, Fox called all of the bonds and retired them. The bond premium was properly amortized on a straight-line basis over 10 years. Before income taxes, Fox's gain or loss in 2015 on this early extinguishment of debt was Select one: a. $30,000 gain o b. $2,000 loss c. $12,000 gain d. $10,000 gain e. $8,000 gain The correct answer is: $2,000 loss