On January 1, 2015, Sunland Company issued $18810000 of 10% ten-year bonds at 103. The bonds are callable at the option of Sunland at 105. Sunland has recorded amortization of the bond premium on the straight-line method (which was not materially different from the effective-interest method). On December 31, 2021, when the fair value of the bonds was 95, Sunland repurchased $4180000 of the bonds in the open market at 95. Sunland has recorded interest and amortization for 2021. Ignoring income taxes and assuming that the gain is material, Sunland should report this reacquisition as

On January 1, 2015, Sunland Company issued $18810000 of 10% ten-year bonds at 103. The bonds are callable at the option of Sunland at 105. Sunland has recorded amortization of the bond premium on the straight-line method (which was not materially different from the effective-interest method). On December 31, 2021, when the fair value of the bonds was 95, Sunland repurchased $4180000 of the bonds in the open market at 95. Sunland has recorded interest and amortization for 2021. Ignoring income taxes and assuming that the gain is material, Sunland should report this reacquisition as a gain of $246620. a loss of $246620. O a gain of $294620. O a loss of $294620