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Nickel Inc. bought $600,000 of 3-year, 8% bonds as an investment on December 31, 2015 for $648,000. Nickel uses straight-line amortization. On May 1, 2016,

Nickel Inc. bought $600,000 of 3-year, 8% bonds as an investment on December 31, 2015 for $648,000. Nickel uses straight-line amortization. On May 1, 2016, $120,000 of the bonds were redeemed at 120. As a result of the retirement, Nickel will report $15,467 gain. $15,467 loss. $24,000 gain. $24,000 loss.

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