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9. Crazy Corporation issued $300,000 of 10%, 20-year bonds at 106 on January 1, 2009. Interest is payable semiannually on June 30 and December 31.
9. Crazy Corporation issued $300,000 of 10%, 20-year bonds at 106 on January 1, 2009. Interest is payable semiannually on June 30 and December 31. Through January 1, 2014, Crazy amortized $3,000 of the bond premium. On January 1, 2014, Crazy retires the bonds at 102. What is the gain on bond retirement at January 1, 2014? a. $ 9,000 b. $18,000 C. $12,000 d. $ 3,000
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Auditing Cases An Interactive Learning Approach
Authors: Steven M Glover, Douglas F Prawitt
4th Edition
0132423502, 978-0132423502
