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On June 1, 2019, Beto Company purchased as held for collection securities 8,000 of the $1,000 face value, 8% bonds of Bato Company for
On June 1, 2019, Beto Company purchased as held for collection securities 8,000 of the $1,000 face value, 8% bonds of Bato Company for $7,383,000. The bonds were purchased to yield 10% interest. Interest is payable semiannually on December 1 and June 1. The bonds mature on June 1, Year On June 1, 2020, Beto sold the bonds for $7,850,000. This amount includes the appropriate accrued interest. What is the gain or loss on the sale of the bond investment?
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