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What amount of loss should sheridan recognize on redemption

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Problem 1: On January 1, 2021, S Company redeemed its 15-year bonds of $7080000 par value for 103. They were originally issued on January 1, 2009 at 93 with a maturity date of January 1, 2024. Sheridan amortizes discounts and premiums using the straight-line method. What amount of loss should Sheridan recognize on the redemption of these bonds (ignore taxes)?

Option 1: $311520
Option 2: $227520
Option 3: $0
Option 4: $212400

Reference no: EM132832325

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