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Calculate the gain or loss on disposal of the bonds

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Reference no: EM133131829

Question - On January 1, 2021, XYZ Inc. invested in 5 years, $300,000, 6% bonds for $312,988. Interests are paid annually on December 31. The investment is held for trading purposes; and the company uses FV-NI model to account for its investments. Annual amortization of the premium is $2,598 using the straight-line method. On December 31, 2021, the bonds were sold at 105. Calculate the gain/(Loss) on disposal of the bonds.

Reference no: EM133131829

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