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Find what is the gain or loss on the retirement of the bonds

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Reference no: EM132708369

Problem 1: On April 30, 2010, one year before maturity, Red Products, Inc. retired $160,000 of 8% bonds payable at 103. The bond discount has a balance of $5,400. Bond interest was last paid on April 30, 2010. What is the gain or loss on the retirement of the bonds?

A) $ 600 loss
B) $ 600 gain
C) $10,200 loss
D) $10,200 gain

Reference no: EM132708369

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