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step by step please The December 31, 2024 balance sheet of Tonyan Co. included the following items: 10% bonds payable due December 31 , 2030$5,000,000

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The December 31, 2024 balance sheet of Tonyan Co. included the following items: 10% bonds payable due December 31 , 2030$5,000,000 Unamortized discount on bonds payable 420,000 On January 1, 2025, Tonyan retired all of the bonds at 98. Calculate the gain or loss on retirement

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