Cullumber Capital Ltd. issued 550 $1,000 bonds at 104. After issuance, similar bonds were sold at 98. Assume that Cullumber Capital Ltd. follows ASPE and valued the debt component of the instruments first, applying the residual to the equity component. On a date when the bonds had a carrying value of $542,000 and fair value of $544,560, Cullumber paid $580,000 in cash to the bondholders to retire the bonds early. Record the retirement using the book value method