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What amount of gain or loss would Coronado report

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Question - Coronado Industries received proceeds of $122200 on 10-year, 8% bonds issued on January 1, 2015. The bonds had a face value of $130000, pay interest annually on January 1, and have a call price of 101. Coronado uses the straight-line method of amortization.

Coronado Industries decided to redeem the bonds on January 1, 2017, what amount of gain or loss would Coronado report on its 2017 income statement?

$7540 loss

$6240 gain

$6240 loss

$7540 gain

Reference no: EM132538789

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