What is the gain or loss on retirement of these bonds

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Problem - On April 30, one year before maturity, Middleton Company retired $180,000 of its 9% bonds payable at the current market price of 101 (101% of the bond face amount, or $180,000 x 1.01 = $181,800). The bond book value on April 30 is $176,940, reflecting an unamortized discount of $3,060. Bond interest is currently fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds?

Reference no: EM132743710

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