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What is the amount of worksheet elimination

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Question - Pete's Farm Equipment owns 60 percent of Donovan's Agricultural Supply. Pete's has $1,000,000 of bonds payable outstanding with an unamortized discount of $38,000. Donovan's buys $400,000 of the bonds from an unrelated party for $360,000. What is the amount of worksheet elimination at the end of the year of the investment with regard to the Loss or Gain on Early Retirement of Debt?

a. $24,800 loss

b. $2,000 gain

c. $24,800 gain

d. $2,000 loss

Reference no: EM132031041

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