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Question: Sunland Company purchased $1140000 of 8%, 5-year bonds from Carlin, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $1190496 at an effective interest rate of 7%. Using the effective interest method, Sunland Company decreased the Available-for-Sale Debt Securities account for the Carlin, Inc. bonds on July 1, 2021 and December 31, 2021 by the amortized premiums of $3648 and $3792, respectively.
At February 1, 2022, Sunland Company sold the Carlin bonds for $1175400. After accruing for interest, the carrying value of the Carlin bonds on February 1, 2022 was $1180500. Assuming Sunland Company has a portfolio of available-for-sale debt investments, what should Sunland Company report as a gain (or loss) on the bonds?
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