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 $$987,500$ The bonds were issued previously at a price to yield $12\%$ and interest payable semiannually on July $1$ and January $1.$ Tiny Tim called the bonds $($retired them$)$ on July $12024.$ What is the amount of the loss on early extinguishment? Choice $ $7,888$ $ $8\mathrm{.}260$ $$08\mathrm{.}240$