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Question 25 2.5 pts On January 1, 2015, Gollum Corp. issued 3,000 of its 10%, $1,000 bonds for $3,407,710. These bonds were to mature on
Question 25 2.5 pts On January 1, 2015, Gollum Corp. issued 3,000 of its 10%, $1,000 bonds for $3,407,710. These bonds were to mature on January 1, 2025 but were callable at 102 any time after December 31, 2018. Interest was payable semiannually on July 1 and January 1. On July 1, 2020, Gollum called all of the bonds and retired them. At that time, the unamortized amount of the bond premium was $183,469. The bond premium was amortized on a straight-line basis. Before income taxes, Gollum's gain or loss in 2020 on this early extinguishment of debt was O $183,469 loss O $60,000 gain O Gollum would not report a gain or loss O $123,469 gain
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