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On February 1, Year 1, Davis Corp. issued 12%, $1,000,000 face amount, 10-year bonds for $1,117,000. Davis reacquired all of these bonds at 102, plus accrued interest, on May 1, Year 4 and retired them. This type of transaction is considered a normal part of risk management for Davis Corp. Unamortized bond premium on that date was $78,000. What was Davis' gain on the bond retirement?
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