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On January 1, 2020, management issued bonds maturing on December 31, 2029 (ten years) with a face value of $5,000,000 paying interest of four
On January 1, 2020, management issued bonds maturing on December 31, 2029 (ten years) with a face value of $5,000,000 paying interest of four percent semiannually on June 30, and December 31 at 97. Assume that management retired the bonds early for $ 4,850,000 on January 1, 2021. Required: Calculate the gain or loss on the retirement of the bonds.
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Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappetta
22nd edition
9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275
