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On February 1, 2010, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2011, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement?

A. $0 gain.

B. $72,800 gain.

C. $111,800 gain.

D. $96,000 gain.

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