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A. At December 31, 2007 Reed Corp owed notes payable of $1,000,000 with maturity date of April 30, 2008, these notes did not arise from transactions in normal course of business. On February1, 2008, Reed issued $3,000,000 of 10 year bonds with intention of using part of bond proceeds to liquidate $1,000,000 of notes payable. Reeds December 31, 2007, financial statements were issued on March 29. How much of $1,000,000 notes payable must  be categorized as current in Reeds balance sheet at December, 2007?

B. On June 30, 2007, country inc had outstanding 10%,$1,000,000 face amount, 15 year bonds maturing on June 30, 2012. Interest is paid on June 30 and December 31 and bond discount and bond issue costs are amortized on these dates. Unamortized balances on June 30, 2007 of bond discount and bond issue costs were $55,000 and $20,000 respectively. Country reacquired all of these bonds at 96 on June 30, 2007, and retired them. Avoid income taxes, how much gain or loss must country record on bond retirement.

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