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Question -
A) A $258000 bond was retired at 98 when the amortized cost of the bond was $254560. The entry to record the retirement would include a
a. gain on bond redemption of $860.
b. loss on bond redemption of $1720.
c. loss on bond redemption of $860.
d. gain on bond redemption of $1720.
B) If bonds with face value of $100000 are redeemed at 97 before maturity when the amortized cost is $91700, what would be the resulting gain or loss on the transaction?
a. loss of $2751
b. gain of $2751
c. gain of $5300
d. loss of $5300
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