The December 31, 2012, balance sheet of Hess Corporation includes the following items: 9% bonds payable due December 31, 2021 $2,000,000 Unamortized premium on bonds payable 54,000 The bonds were issued on December 31, 2011, at 103, with interest payable on July 1 and December 31 of each year. Hess uses straight-line amortization. On March 1, 2013, Hess retired $800,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ignore taxes

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