The long-term debt section of ELMO COMPANY's statement of financial position as of December 31,2009, included 9% bonds payable of P400,000, less unamortized discount of P32,000. Further examination revealed the these bonds were issued to yield 10%. The amortization of the bond discount was recorded using the effective interest method. Interest was paid on January 1 and July 1 of each year. On July 1,2010, Elmo retired the bonds at 105 before maturity.

What is the amount of loss to be recognized on the retirement of bonds?