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What amount of gain should CHC record

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Question - Clothes Horse Corp. ("CHC") issued $500,000 bonds due in 10 years on January 1, Year 1 at a premium for $567,105. Bond issue costs of $25,000 are being amortized over the 10 year life of the bonds under U.S. GAAP. On January 1, Year 6, when the carrying value of the bond was $539,940, CHC redeemed the bonds at 102. What amount of gain should CHC record related to the redemption?

Reference no: EM132523264

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