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Multiple Choice No gain or loss $3,717 gain $6,000 loss $2.283 loss Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant
Multiple Choice No gain or loss $3,717 gain $6,000 loss $2.283 loss Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant has projected the following amortization schedule from issuance until maturity: Cash interest Effective interest Decrease in balance $789 813 Date 1/1/2021 6/30/2021 12/31/2021 6/30/2022 12/31/2022 6/30/2023 12/31/2023 6/30/2024 12/31/2024 $7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 $6,211 6,187 6,163 6,137 6,112 6,085 6,057 6,029 837 863 888 915 943 971 Outstanding balance $207,020 206,230 205,417 204,580 203,717 202,829 201,913 200,971 200,000 LPC calls the bonds at 103 immediately after the interest payment on 12/31/2022 and retires them. What gain or loss, if any, would LPC record on this date
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