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How much of a gain or loss should avery record on retirement

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Problem 1: On June 30, 20X1, Avery Corp. has bonds outstanding with a face value of $500,000 and a carrying value of $485,000. Avery has decided to retire all the bonds early on this date at 104. Interest has been accrued and paid up to the date of the retirement. How much of a gain or loss should Avery record on the retirement of these bonds?

Reference no: EM133000098

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