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What was the gain or loss recognized in the income statement

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Question - On January 1, 2021, RUDOLPH Company received $107,720 for a $100,000 face amount, 12% bond, a price that yields 10%. The bonds pay interest semi- annually. The entity elects the fair value option for valuing financial liabilities. On December 31, 2021, the fair value of the bond is determined to be $106,460. The entity recognized interest expense of 912,000 in the 2021 income statement. What was the gain or loss recognized in the income statement to report this bond at fair value?

Reference no: EM133095026

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