Response to the following problem:
On September 1, 20X1, Step out Hospital issued $4,000 (face value) of five-year, 9.6 percent bonds at 111 percent and accrued interest. Interest is payable semiannually, on April 1 and October 1, and the bonds mature on April 1, 20X6. On February 1, 20X2, $1,000 of these bonds are reacquired at 108 percent and accrued interest.
Required: What was the gain (loss) on the reacquisition of the bonds?