On July 1, 2018, The Wings Corporation paid $460,000 plus accrued interest to retire bonds with a maturity value of $500,000. The bonds had a book value of $475,131 on January 1, 2018. The stated interest rate is 8% with interest payments being made annually on December 31; the bonds were issued at a time when the market interest rate was 10%. Requirement: Determine the gain or loss on the bond retirement