Response to the following problem:
At December 31, 2012 the following balances existed on the books of Foxworth Corporation:
Bonds Payable $3,000,000
Discount on Bonds Payable 240,000
Interest Payable 75,000
Unamortized Bond Issue Costs 180,000
If the bonds are retired on January 1, 2013, at 102, what will Foxworth report as a loss on redemption?