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Calculate the gain or loss on the early retirement of a bond, given these conditions: The original bond had a face amount of $400,000 and

Calculate the gain or loss on the early retirement of a bond, given these conditions: The original bond had a face amount of $400,000 and the current balance in the related Discount on Bonds Payable account is $1,000. The company repurchased the bonds at 97. Be sure that your answer is clearly indicated and that you show supporting calculations for your response.

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