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Find the gain on retirement was

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Question 1: A&M Records Corporation issued $1,000,000, 8% bonds, receiving a $30,000 premium. On the interest payment date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation purchased the entire issue on the open market at 95 and retired the issue. As a result, the gain on retirement was ?

Reference no: EM132557545

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