On January 2, 2005, Prebish Corporation issued $4,000,000 of 10-year, 10% bonds at 102 due December 31, 2014. Legal and other costs of $40,000 were incurred in connection with the issue. Interest on the bonds is payable semi-annually on each June 30 and December 31. On January 2, 2013, Prebish repurchased $3,000,000the bonds at 101. Assume that Prebish amortizes the Premium or Discount on Bonds Payable on using the straight-line method.

What is the amount of the gain or loss on early extinguishment of debt?

Use a "-" minus sign to indicate a loss.