The December $31,2024$ balance sheet of Carla Vista Co$.$ included the

following items:

$\frac{10}{\%}$ bonds payable due December $31,2030,$$$5,040,000$

Unamortized discount $on$ bonds payable $423,360$

On January $1,2025,$ Carla Vista retired all of the bonds at $98.$ Calculate the

gain or loss on retirement.

on retirement $