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This Really Socks Inc. issued $10,000,000 of 7 percent, 20-year bonds at a premium. The bonds are retired prior to maturity at 102. The book
This Really Socks Inc. issued $10,000,000 of 7 percent, 20-year bonds at a premium. The bonds are retired prior to maturity at 102. The book value of the bonds is $10,453,000 at the time of retirement. This Really Socks amortizes bond premiums using the effective-interest method. What is the gain or loss on retirement of the bonds? Enter gains as positive, and loss as negative. Do not use $ or commas.
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