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What is the net amount that tory should use

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Problem 1: On June 2, Year 1, Tory, Inc. issued $500,000 of 10%, 15-year bonds at 98.8. Interest is payable semiannually on June 1 and December 1. Discount at issuance was $6,000. Tory uses the straight-line method to amortize the discount, which does not differ materially from GAAP in this instance. On June 2, Year 6, Tory retired half of the bonds at 98. What is the net amount that Tory should use in calculating the gain or loss on retirement of debt?

A. $249,000

B. $248,500

C. $248,000

D. $247,000

Reference no: EM132775762

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