Sheffield Company had bonds outstanding with a maturity value of $309,000. On April 30, 2017, when these bonds had an unamortized discount of $11,000, they were called in at 104. To pay for these bonds, Sheffield had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $309,000). Ignoring interest, compute the gain or loss.

Loss on redemption $