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What amount of loss should hart recognize

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Reference no: EM131106353

On January 1, 2011, Hart, Inc. redeemed its fifteen-year bonds of $500,000 par value for 102. They were originally issued on January 1, 1999, at 98 with a maturity date of January 1, 2014. The bond issue costs relating to this transaction were $20,000.

Hart did not elect the fair value option for reporting its financial liabilities. Hart amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Hart recognize on the redemption of these bonds?

Reference no: EM131106353

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