On January $1,2024,$ Tiny Tim Industries had outstanding $$1,000,000$ of $10\%$ bonds with a book value of $$968,500.$ The indenture specified a call price of $$985,000.$ The bonds were issued

previously at a price to yield $12\%$ and interest payable semi$-$annually on July $1$ and January $1.$ Tiny Tim called the bonds $($retired them$)$ on July $1,2024.$ What is the amount of the loss on early

extinguishment?

Multiple Choice

$$8,032$

$$8,110$

$$0$

$$8,390$