On January $1,2024,$ Tiny Tim Industries had outstanding $\backslash$$$1,000,000$ of $10$bonds with a book value of $$971,000.$ The Indenture specified a call price of $$987,500$ 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 $ $7,888$ $ $8,260$ $ $8,240$