On July 1, 2014, Miniature Company has bonds with balances as shown below. Premium on Bonds Payable Bonds Payable 65,000 3,250 If the company retires the bonds for $66,150, what will be the effect on the income statement? O loss on retirement of $2,100 0 loss on retirement of $4,400 O gain on retirement of $4,400 gain on retirement of $2,100