On January 1, 2021, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $966,000. The indenture specified a call price of $982,500. The bonds were issued previously at a price to yield 12% and interest payable semi-annually on July 1 and January 1. Tiny Tim called the bonds (retired them) on July 1, 2021. What is the amount of the loss on early extinguishment? Multiple Choice $8.176. $7,960. O O $0. C $8,540