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On February 1, 2020, Pat Weaver Inc. (PWI) issued 11%, $1,700,000 bonds for $2,000,000. PWI retired all of these bonds on January 1, 2021, at

On February 1, 2020, Pat Weaver Inc. (PWI) issued 11%, $1,700,000 bonds for $2,000,000. PWI retired all of these bonds on January 1, 2021, at 105. Unamortized bond premium on that date was $178,500. How much gain or loss should be recognized on this bond retirement? Multiple Choice $187,000 gain. $220,000 gain. $93,500 gain. $0 gain

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