What is the amount of gain or loss on redemption of the bond

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Question - Audacious Accountants Ltd.  sold $5,000,000 of five-year, 6% bonds at par on January 1, 2021. Interest is payable on June 30 and December 31 each year. The bonds can be called at any time at 101 plus accrued interest. On April 1, 2022, Audacious Accountants bought back $1,000,000 of bonds on the open market for $984,736 including accrued interest and retired them. What is the amount of gain or loss on redemption of the bonds on April 1, 2022.

Reference no: EM133183330

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