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On February 1, 2015 Gaslight Corp issued 12 percent $2,000,000 face value, ten-year bonds for $2,234,000 plus accrued interest. The bonds are dated November 1,
On February 1, 2015 Gaslight Corp issued 12 percent $2,000,000 face value, ten-year bonds for $2,234,000 plus accrued interest. The bonds are dated November 1, 2014 and interest is payable on May 1 and November 1. Gaslight reacquired all of these bonds at 102 on May 1, 2018 and retired them. Unamoritized bond premium on that date was $156,000. Ignoring the income tax effect, what was Gaslights gain on the bond retirement?
A) $116,000
B) $194,000
C) $234,000
D) $236,000
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