Question: X2 issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year. X2's accountant has projected the following amortization

X2 issued callable bonds on January 1, 2021. The bonds pay

X2 issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year. X2's accountant has projected the following amortization schedule from issuance until maturity: Interest Expense Decrease in Carrying Value Cash Paid Date 01/01/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 $ 7,280 7,280 7,280 7,280 7,280 $6,423 6,376 6,326 6,274 6,218 $ 857 904 954 1,006 1,062 Carrying Value $ 116,783 115,926 115,022 114,068 113,062 112,000 X2 buys back the bonds for $115,580 immediately after the interest payment on 12/31/2022 and retires them. What gain or loss, if any, would X2 record on this date

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