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What is the gain or loss that Washington Inc would report

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Reference no: EM132925940

Question - Washington Inc. issued $634,500 of 6%, 20-year bonds at 98 on January 1, 2009. Through January 1, 2017, Washington amortized $7,380 of the bond discount. On January 1, 2017, Washington Inc. retired the bonds at 102 (after making the interest payment on that date).

What is the gain or loss that Washington Inc. would report for the retirement of this bond?

A) $20,000 gain

B) $14,100 loss

C) $20,000 loss

D) $14,100 gain

E) None of the above

Reference no: EM132925940

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