The following information pertains to a bond issue of the Fusso Corporation:
Maturity value: $1,000,000
Maturity date: December 31, 2016
Stated interest rate (Coupon rate): 8%
Interest payments are made annually on December 31st
Date of issue: December 31, 2011
Effective (market) interest rate (Yield to maturity) at issue: 10%
On December 31, 2014, the Fusso paid $950,000 to retire entire bonds. $950,000 did not include the coupon payment. The coupon was paid just before the announcement of the bond retirement.
Determine the amount of the gain or loss on the bond retirement. (Express gain using +, and loss using -. Format: +$xx,xxx or -$xx,xxx)