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Calculate morley loss or gain on redemption

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Reference no: EM132791827

Problem 1: On January 1, 2016, Morley Electronics issued bonds with a par value of $1,350,000 at 95, due in 10 years. Bond issue costs were $22,000. Bond issue costs and the bond discount were amortized using straight-line methods. On January 1, 2021, Morley called the entire issue at 102. Calculate Morley's loss or gain on redemption.

Reference no: EM132791827

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