On January 1, 2011, Hart, Inc. redeemed its fifteen-year bonds of $500,000 par value for 102. They were originally issued on January 1, 1999, at 98 with a maturity date of January 1, 2014. The bond issue costs relating to this transaction were $20,000. Hart did not elect the fair value option for reporting its financial liabilities. Hart amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Hart recognize on the redemption of these bonds?