During 2005 plano co. purchased 2000 1000 9 bonds. the, Ask an Expert

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During 2005, Plano co. purchased 2,000, $1,000, 9% bonds. The carrying value of the bonds at December 31, 2007 was $1,960,000. The bonds mature on March 1, 2012, and pay interest on March 1 and September 1. Plan sells 1,000 bonds on September 1, 2008, for $988,000, after the interest has been received. Plano uses straight-line amortization. The gain on the sale is?

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Accounting Basics, Accounting

Category:- Accounting Basics
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