X2 Issued the bonds: X2 issued callable bonds on January 1, 2015. The bonds pay interest annually on December 31 each year. X2s accountant has projected the following amortization schedule from issuance until maturity:

DATE Cash Interest Decrease in Carrying

Paid Expense Carrying Value Value

1/1/2015 $104,212

12/31/2015 $7,000 $6,253 $747 $103,465

12/31/2016 7,000 6,208 792 $102,673

12/31/2017 7,000 6,160 840 $101,833

12/31/2018 7,000 6,110 890 $100,943

12/31/2019 7,000 6,057 943 $100,000

X2 buys back the bonds for $103 immediately after the interest payment on 12/31/2016 and retires them. what gain or loss, if any, would X2 record on this date?

Question 24 options:

	$1202 loss
	no gain or loss
	$327 loss
	$3,000 gain