Question
Winrow Company received proceeds of $565,500 on 10 - year, 8% bonds issued on January 1, 2013. The bonds had a face value of $600,000,
Winrow Company received proceeds of $565,500 on 10 - year, 8% bonds issued on January 1, 2013. The bonds had a face value of $600,000, pay interest annually on December 31st, and have a call price of 101. Winrow uses the straight - line method of amortization. Winrow Company decided to redeem the bonds on January 1, 2015. What amount of gain or loss would Winrow report on its 2015 income statement?
ANSWER IS 33600 GAIN PLEASE EXPLAIN STEP BY STEP I AM REALLY CONFUSED
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Report On Trade Conditions In China
Authors: Harry R. Burrill, Raymond F. Crist
1st Edition
1138617806, 9781138617803
