The December 31, 2012, balance sheet of Hess Corporation includes the following items:
9% bonds payable due December 31, 2021: $2,000,000
Unamortized premium on bonds payable: 54,000
The bonds were issued on December 31, 2011, at 103, with interest payable on July 1 and December 31 of each year. Hess uses straight-line amortization. On March 1, 2013, Hess retired $800,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ignore taxes.