Downson Manufacturing retired its $$7,500,000$ par value $10\%,15-$year bonds early on February $28,2022,$ for $$8,215,100,$ including accrued interest of $$25,000.$ The carrying value of the bonds at retirement was $$7,799,450.$ What is the gain or loss on early retirement? Prepare the journal entry to record the derecognition of the obligation.

What is the gain or loss on early retirement?

The $$ on early retirement is $$

Prepare the journal entry to record the derecognition of the obligation. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

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