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What should Marigold record as a gain on retirement

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Reference no: EM132909371

Question - The December 31, 2020, balance sheet of Marigold Corp. includes the following items:

9% bonds payable due December 31, 2029 $5030000

Unamortized premium on bonds payable 135000

The bonds were issued on December 31, 2019, at 102, with interest payable on July 1 and December 31 of each year. Marigold uses straight-line amortization. On March 1, 2021, Marigold retired $2012000 of these bonds at 98 plus accrued interest. What should Marigold record as a gain on retirement of these bonds? Ignore taxes.

Reference no: EM132909371

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