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Determine the amount of gain on early retirement on december

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Reference no: EM132885547

On January 1, 2019, a corporation issued 4,000 of its 6-year, P1000 11% bonds dated January 1 at an effective annual interest rate of 9%. Interest is payable each December 31.

  • On December 31, 2020, the 3,000 bonds were extinguished early by the corporation for 108 plus accrued interest.

Problem 1: Determine the amount of gain(loss) on early retirement on December 31, 2020. Round present value factors to 4 decimals.

Group of answer choices

Option 1: 45,507

Option 2: (45,507)

Option 3: 71,044

Option 4: (71,044)

Reference no: EM132885547

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