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Determine loss or gain on redemption of bonds

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8 year bonds with face value of $1000000 were issued on Jan 1, 2004 for 96. Interest is paid on the bonds semi annually on june 30 and dec 31 and discount is amortized using straight line method. the bonds are redeemed 5 1/2 years later at 98. if amortization of discount is recorded up to date, determine loss or gain on redemption of bonds

Reference no: EM131783974

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