Question - At December 31, 2007 the following balances existed for Sweeney Corporation
Bonds Payable $1,500,000
Premium on Bonds Payable 120,000
Interest Payable 37,000
Unamortized Bond Issue Costs 90,000
If 30% of the bonds are retired at 101 on January 1, 2018 what is the gain on redemption? Show all work.