On January 1, Meister Co. called its $500,000, 8% bonds with a carrying value of $480,000. The call price is $502,000. The bonds originally were issued to yield 9%. On the call date, the company should recognize Multiple choice question. a loss of $20,000. a loss of $22,000. a gain of $22,000. a gain of $20,000.

Step by step calculation, please. Thank you!!