ootnote $4$ contains a table with information about Ocean's Bonds Payable existing on $12/31/2023.$

For this question only, assume the annual current market yield of Ocean's Bonds Payable was $8\%$ on $12/31/2023.$ The annual coupon rate is $4\%$ and the bonds mature in $9$ years on $12/31/2032.$ The bond pay interest semiannually.

If Ocean had retired the bonds on $12/31/2023,$ indicate whether Ocean would have reported a gain or loss.

$[$ Select $]$

The gain or loss is closest to: