X2 issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year. X2's accountant has projected the following amortization schedule from issuance until maturity: Decrease in Carrying Value $110,123 109,434 108,683 107,865 106,972 106,000 Interest Carrying Date Cash Paid Expense 01/01/2021 12/31/2021 $10,600 9,911 12/31/2022 12/31/2023 12/31/2024 12/31/2025 689 751 819 892 972 10,600 10,600 10,600 10,600 9,84 9,781 9,708 9,628 X2 buys back the bonds for $109120 immediately after the interest payment on 12/31/2022 and retires them. What gain or loss, if any, would X2 record on this date? No gain or Loss $3,120 No gain or Loss. $3120 gain. $1,322 loss $437 loss