Gain or loss recognized on the bond retirement, Accounting Basics

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Gain or loss recognized on the bond retirement

On February 1, 2010, Pat Weaver Inc. (PWI) issued 9%, $1,400,000 bonds for $1,700,000. PWI retired all of these bonds on January 1, 2011, at 102. Unamortized bond premium on that date was $142,800. How much gain or loss should be recognized on this bond retirement?

a) $0 gain.

b) $114,800 gain.

c) $126,000 gain.

d) $153,000 gain.

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Accounting Basics: Gain or loss recognized on the bond retirement

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Accounting Basics: Gain or loss recognized on the bond retirement

Reference No:- TGS079837

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Gain or loss recognized on the bond retirement

Reference No:- TGS079837

Recent Questions Asked Accounting Basics

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