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Point 1: LMN Inc. purchased a bond investment on December 31, 2020 for $114,140 and classifies the bond as available-for-sale. The 5-year bond has a face value of $100,000 and pays interest at 5%. The effective rate on the date of the bond purchase was only 2%. The bond pays interest annually with the first payment on December 31, 2021. On December 31, 2022, the bond has a FMV of $110,000. The next day, on January 1, 2023, bond prices fall dramatically and LMN decides to sell the bond for face value, $100,000.
Question 1: What is the gain or (loss) reported on the sale of the bond?
0
165,000
14,140
8,562
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