Toby Manufacturing issued $$3,000,000$ par value $6\%,5-$year bonds $($i$.$e$.,$ there were $3,000$ of $$1,000$ par value bonds in the$$ issue$).$ Interest is payable semiannually each January $1$ and July $1$ with the first interest payment due at the end of the period on July $1.$ The market rate of interest was $8\%$ on the date that Toby issued the bonds. Toby retired the bonds at $$2,400,000$ with an open market purchase at the end of the first year. Prepare the journal entry to record the derecognition of the obligation. Toby uses the effective interest rate method.