OPAL Company issued $550,000 face value bonds at a discount of $12,000. The bonds contain a call provision of 99 , OPAL decides to redeem the bonds due to a significant decline in interest rates. On that date, OPAL had amortized only $4,800 of the discount. Required: 1. Calculate the gain or loss on the early redemption of the bonds. Enter the amount as positive number. Round your answer to the nearest whole dollar. 2. Calculate the gain or loss on the redemption assuming that the call provision is 96 instead of 99 . Enter the amount as positive number. Round your answer to the nearest whole dollar. 3. Select where the gain or loss should be presented on the financlal statements. 4. Why is the call price is normally higher than 100 ? Bonds are redeemed earily only if it is advantageous to the price is normally set at an amount higher than 100 . To compensate the for forgone interest, as well as for the costs and inconvenience involved, the call