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How much is the gain or loss from the retirement of bonds

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Question - On December 1, 2018, the Vaccine Laboratory, Inc. issued 20-year bonds of P500,000 at 104. Interest was payable on December 1 and June 1 at 12%. On April 1, 2020, the Vaccine Laboratory retired 100 of its own P1,000 bonds at 98 plus accrued interest. The accounting period of the Vaccine Laboratory is the calendar year. How much is the gain or loss from the retirement of bonds in 2020?

Reference no: EM132562610

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