Question
A company retired $900,000 of bonds which have an unamortized discount of $30,000, by paying bondholders $920,000. What is the amount of the gain or
A company retired $900,000 of bonds which have an unamortized discount of $30,000, by paying bondholders $920,000. What is the amount of the gain or loss on the retirement of the bonds?
Multiple Choice
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There was a $50,000 loss.
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There was a $10,000 loss.
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There was a $10,000 gain.
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There was a $20,000 loss.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
