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Question 1 (2 points) During 2017, Plano Co. purchased 600, 51,000, 9% bonds. The carrying value of the bonds at December 31, 2019 was $480,000.

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Question 1 (2 points) During 2017, Plano Co. purchased 600, 51,000, 9% bonds. The carrying value of the bonds at December 31, 2019 was $480,000. The bonds mature on March 1, 2024, and pay interest on March 1 and September 1. Plano sells 200 bonds on August 1, 2020, for $290,000, after the interest has been received. Plano uses straight-line amortization. Calculate the gain or loss on the sale. A

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