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What is the gain or loss on retirement of these bonds

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Question - On March 31, one year before maturity, Citigroup retired $100000 of its 9% bonds payable at current market price of 101 (101% of bond face amount, or $10000*101=$101,000). The bond book value on Mar 31 is $98,000 reflecting an unamortized discount of $2000. 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? Show the effects of the redemption in the table.

Reference no: EM133149273

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