The following information pertains to a bond issue of the Amerio Corporation:

Maturity value: $1,000,000

Maturity date: December 31, 2017

Stated interest rate (Coupon rate): 6%

Interest payments are made annually on December 31st

Date of issue: January 1, 2012

Effective (market) interest rate (Yield to maturity) at issue: 6.4%

On December 31, 2015, when the market rate was 7%, the Amerio retired entire bond by paying $985,000 plus accrued interest.

Determinethe amountof thegain or losson the bond retirement. (Clearly indicate gain or loss and the amount.)

please include specific steps so i can understand