Unit 5 Lab Quiz Question 5 of 20 View Policies < > -/1 E 1 Current Attempt in Progress Vaughn Company received proceeds of $263200 on 10-year, 8% bonds issued on January 1, 2018. The bonds had a face value of $280000, pay interest annually on January 1, and have a call price of 101. Vaughn uses the straight-line method of amortization. Vaughn Manufacturing decided to redeem the bonds on January 1, 2020. What amount of gain or loss would Vaughn report on its 2020 income statement? O $16240 loss O $13440 gain O $16240 gain O $13440 loss Save for Later Attempts: 0 of 1 used Submit Answer