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How much gain should be recognized on bond retirement

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Problem 1: On February 1, 2019, UML issued 10%, $1,000,000 bonds for $950,000. UML retired all of these bonds on January 1, 2020, at 97. Unamortized bond discount on that date was $20,000. How much gain or loss should be recognized on this bond retirement?

Multiple Choice

Option 1: $10,000 loss.
Option 2: $10,000 gain.
Option 3: $20,000 loss.
Option 4: $20,000 gain.

Reference no: EM132813932

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