On January 1,2015, Hernandez Corporation issued $18,000,000 of 10% ten-year bonds at 103. Hernandez has recorded amortization of the bond premium on the straight-line method (which was not materially different from the effective-interest method). On December 31,2021 , when the fair value of the bonds was 96 , Hernandez repurchased $4,000,000 of the bonds in the open market at 96 . Hernandez has recorded interest and amortization for 2021 . Ignoring income taxes and assuming that the gain or loss is material, Hernandez should report this reacquisition as a loss of $196,000 a gain of $196,000. a loss of $244,000. a gain of $244,000