A corporation issued 8% bonds with a par value of $1,160,000, receiving a $52,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation called the bonds at $1,148,400. The gain or loss on this retirement is: Multiple Choice O $42,800 gain. O $42,800 loss. $0. $11,600 loss.

A corporation issued 8% bonds with a par value of $1,160,000, recelving a $52,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation called the bonds at $1,148,400. The gain or loss on this retirement is: Multiple Choice 542,800 gain, 542,800 10s5. 50 $11,600 loss