On June 30, Year 1, Town Co. had outstanding 8%, $2 million face amount, 15-year bonds maturing on June 30, Year 11. Interest is payable on June 30 and December 31. The unamortized balances of bond discount and unamortized bonds issue costs on June 30, Year 1, were $70,000 and $20,000, respectively. On June 30, Year 1, Town acquired all of these bonds at 94 and retired them. What net carrying amount should be used in computing gain or loss on this early extinguishment of debt