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A corporation issued 8% bonds with a par value of $1,120,000, receiving a $44,000 premium. On the interest date 5 years later, after the bond
A corporation issued 8% bonds with a par value of $1,120,000, receiving a $44,000 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 $1,108,800. The gain or loss on this retirement is
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