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Determine the amount of gain or loss on the bond retirement

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Reference no: EM132934636

Question - The Ryan Candy Corp. issued bonds with a face value of $100,000 and a stated interest rate of 8%. Ryan Candy Corp. retired these bonds for $128,000 before the maturity date. At the time, the bonds had a carrying value of $117,000. Determine the amount of gain or loss on the bond retirement.

Reference no: EM132934636

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