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The carrying amount of a Bond Payable is $90,000. The Bond Payable has a face value (i.e., Nominal Value) of $100,000. The Bond Payable has
The carrying amount of a Bond Payable is $90,000. The Bond Payable has a face value (i.e., Nominal Value) of $100,000. The Bond Payable has a Market Value of $87,000..
The company decides to repurchase the Bond at its Market Value for Cash. The Gain/Loss on Repurchasing the Bond is:
Select one:
a. Loss of $10,000
b. Gain of $10,000
c. Gain of $20,000
d. Gain of $3,000
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