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Determine the amount of gain or loss on early retirement

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Reference no: EM132967784

Question - 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.

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

Reference no: EM132967784

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