On february 1 2010 pat weaver inc. pwi issued 9 1400000, Ask an Expert

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On February 1, 2010, Pat Weaver Inc. (PWI) issued 9%, $1,400,000 bonds for $1,700,000. PWI retired all of these bonds on January 1, 2011, at 102. Unamortized bond premium on that date was $142,800. How much gain or loss should be recognized on this bond retirement?

a) $0 gain.

b) $126,000 gain.

c) $153,000 gain.

d) $114,800 gain

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9440036

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