Six years ago, a company issued $500,000 of 6%, eight-year bonds at a price of 95.The current

Question:

Six years ago, a company issued $500,000 of 6%, eight-year bonds at a price of 95.The current carrying value is $493,750. The company decides to retire 50% of these bonds by buying them on the open market at a price of 1021/2. What is the amount of gain or loss on retirement of these bonds? lpo4

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