On January $1,2024,$ Tiny Tim Industries had outstanding $$1,000,000$ of $12\%$ bonds with a

book value of $$966,130.$ The indenture specified a call price of $$981,000.$ The bonds were issued

previously at a price to yield $14\%$ 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

a$)$ $$0$

b$)$ $$7,241$

c$)$ $$6,932$

d$)$ $$7,629$