Several years ago, Cyclop Company issued bonds with a face value of $1,200,000 for $10,545,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of 5 percent over par. The bonds have a current book value of $1,209,000. Record the retirement of the bonds, using a premium account. Retirement of Bond is recorded as shown below: Bonds payable 1,200,000 Premium on bonds 9,000 Loss on retirement of bonds 51,000 cash 1,260,000 I have question of how to calculate the Loss on retirement of bonds 51000 shown on the answer.