8. Calculating Gain or Loss on Bond Redemption LO4 Fly Corporation issued 10-year bonds on January 1, 2006. On July 1, 2012 Fly Corporation decides to retire the bonds early. The call price is $212,000 and the carrying value of the bonds on the date of redemption is $188,000. Required Calculate the gain or loss on redemption recognized by Fly. 9. Contingent Liabilities LO5 Frank's Fireworks has a pending lawsuit because of an accident that a customer had with one of Frank's products. The suit has been filed, and based