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How much gain or loss should be recognized

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Question - On February 1, 2006 John Lovlace issued 10%, $1,000,000 bonds for $1,116,000 JLI retired all of these bonds on January 1, 2007, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement?

$0 gain

$111,800 gain

$ 72,800 gain

$102,800 gain

Reference no: EM131767358

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