X2 issued callable bonds on January 1, 2024. 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 Interest Date Cash Paid Expense Carrying Value 01/01/2024 $124,380 12/31/2024 $15,000 $14,304 $696 123,684 12/31/2025 15,000 14,224 776 122,907 12/31/2026 15,000 14,134 866 122,042 12/31/2027 15,000 14,035 12/31/2028 15,000 13,924 965 1,076 121,076 120,000 X2 buys back the bonds for $123,630 immediately after the interest payment on 12/31/2025 and retires them. What gain or loss, if any, would X2 record on this date? Multiple Choice No gain or Loss $3,630 gain $1,602 loss $723 loss