The Marcus Corporation plans to issue $5,000,000 of 10-year bonds at par next June, with semiannual interest payments. The company's current cost of debt is 12 percent. However, the firm's financial manager is concerned that interest rates will increase in coming months, and has decided to take a short position in U. S. government t-bond futures. See the settlement data below for t-bond futures. (Note: One standard futures contract is $100,000)

Delivery Month	Open	High	Low	Settle	Change	Open Interest
(1)	(2)	(3)	(4)	(5)	(6)	(7)
Dec	97'28	99'17	98'22	99'17	+5	387,255
Mar	98'03	98'21	97'23	98'01	+12	90,353
June	98'13	98'27	97'01	97'12	+7	9,802

b. Calculate the gain or loss on the corporate bond position.