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On July 31, Year 1, Dome Co. issued $1,000,000 of 10%, 15-year bonds at par and (as a typical risk-management strategy to Dome Co.) used a portion of the proceeds to call its 600 outstanding 11%, $1,000 face value bonds, due on July 31, Year 11, at 102. On that date, unamortized bond premium relating to the 11% bonds was $65,000. In its Year 1 income statement, what amount should Dome report as gain or loss from retirement of bonds?
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