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Question - On January 1, 2022, Gorski Corp. purchased $1,000,000,10% bonds for $1,040,000. These bonds were to mature on January 1, 2032, but were redeemable at 101 any time after December 31, 2025. Interest was payable semiannually on July 1 and January 1. On July 1, 2026, Gorski sold all of the bonds. Bond premium was amortized on a straight-line basis. Calculate the Gorski's gain or loss in 2026?
a. $30,000 loss
b. $12,000 loss
c. $10,000 gain
d. $8,000 loss
e. $12,000 gain
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