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ABC, a holder of a $400,000 XYZ Inc. bond, collected the interest due on June 30, 20X8, and then sold the bond to DEF Inc. for $365,000. On that date, XYZ, a 90 percent owner of DEF, had a $450,000 carrying amount for this bond. Based on the information given, what amount of gain or loss on bond retirement was recorded?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9960749

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