Problem 3 On Dec 30, 2023, Sunset Resorts retired $8,500,000 of 2% bonds that originally sold at 101. The bonds were bought at 103 before their scheduled maturity. At the time, the bonds had a remaining premium of $200,000. Requirements: 1. What gain/loss did Hoffman incur? Indicate if it is a gain or loss. 2. Prepare the journal entry to record the early extinguishment of the bonds. 1 Gain/Loss Amount Is this a gain or loss (select)? Calculations Here: Journal Entries