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How to get the answer? 17. During 2014, Brandon Inc. purchased 2,000, $1,000, 9% bonds. The bonds mature on March 1, 2019, and pay interest

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17. During 2014, Brandon Inc. purchased 2,000, $1,000, 9% bonds. The bonds mature on March 1, 2019, and pay interest on March 1 and September 1. The carrying value of the bonds at December 31, 2014 was $1,960,000. On September 1, 2015, after the semiannual interest was received, Brandon sold half of these bonds for $988,000. Brandon uses straight-line amortization and has accounted for the bonds under the amortized cost model. The gain on the sale is a) $11,200. b) $8,000. c) $4,800. d) $0

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