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What is the gain on redemption

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Reference no: EM132028418

Question - At December 31, 2007 the following balances existed for Sweeney Corporation

Bonds Payable $1,500,000

Premium on Bonds Payable 120,000

Interest Payable 37,000

Unamortized Bond Issue Costs 90,000

If 30% of the bonds are retired at 101 on January 1, 2018 what is the gain on redemption? Show all work.

Reference no: EM132028418

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