On February 1, 2005, Davis Corporation issued 12%, ($1,000,000) par, 10-year bonds for ($1,117,000). Davis reacquired all
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On February 1, 2005, Davis Corporation issued 12%, \($1,000,000\) par, 10-year bonds for \($1,117,000\). Davis reacquired all of these bonds at 102% ofp ar, plus accrued interest, on May 1, 2008 and retired them. The unamortized bond premium on that date was $78,000.
Required:
Before income taxes, what was Davis's gain or loss on the bond retirement?
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