On January 1, 2020, Sandollar Inc. issued $48,000 of bonds at 105, paying 8% cash interest semiannually on June 30 and December 31. The bonds are scheduled to mature December 31, 2023. The straight-line interest method is used to amortize bond discounts and premiums. On June 30, 2021, the bonds have a remaining premium of $1,500. On July 1, 2021, $48,000 of the bonds were retired when the bonds were selling at 101. The amount of gain or loss on the early redemption of the bonds is A loss of $480. A gain of $1,020. OA loss of $1,020. OA gain of $480.