Bramble Company received proceeds of $131600 on 10-year, 8% bonds issued on January 1, 2018. The bonds had a face value of $140000, pay interest annually on January 1, and have a call price of 101. Bramble uses the straight-line method of amortization. Bramble Corp. decided to redeem the bonds on January 1, 2020. What amount of gain or loss would Bramble report on its 2020 income statement? O $6720 gain O $8120 loss O $8120 gain $6720 loss

Bramble Company received proceeds of $131600 on 10-year, 8% bonds issued on January 1,2018 . The bonds had a face value of $140000, pay interest annually on January 1, and have a call price of 101. Bramble uses the straight-line method of amortization. Bramble Corp. decided to redeem the bonds on January 1,2020. What amount of gain or loss would Bramble report on its 2020 incomestatement? $6720 gain $8120 loss $8120 gain $6720 loss