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Determine the dollar amount of the gain or loss

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Reference no: EM131727073

Question - Fourteen Company issued $10,000,000 of 8% bonds on January 1, 2015.  The bonds pay interest on June 30 and December 31, mature on December 31, 2024, and are callable at 102.  The market rate of interest on the issue date was 7%.  Fourteen Company called the bonds on January 1, 2017.  Fourteen accounts for bonds using the effective interest method. (Round all answers to the nearest dollar.)

Determine the dollar amount of the gain or loss on the early retirement of bonds on January 1, 2017.

Reference no: EM131727073

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