Should country record on the bond retirement

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Reference no: EM1313291

Computation of loss/gain on retirement of bonds.

On June 30, 2007, country inc had outstanding 10 percent,$1,000,000 face amount, 15 year bonds maturing on June 30, 2012. Interest is paid on June 30 and December 31 and bond discount and bond issue costs are amortized on these dates. The unamortized balances on June 30,2007 of bond discount and bond issue costs were $55,000 and $20,000 respectively. Country reacquired all of these bonds at 96 on June 30, 2007, and retired them. Ignoring income taxes, how much gain/loss should country record on the bond retirement?

Reference no: EM1313291

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