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  3. 17. nickel inc. bought $300,000 of 3-year, 7%

17. Nickel Inc. bought $300,000 of 3-year, 7% bonds as...

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Accounting

17.

Nickel Inc. bought $300,000 of 3-year, 7% bonds as an investment on December 31, 2015 for $321,000. Nickel uses straight-line amortization. On May 1, 2016, $60,000 of the bonds were redeemed at 118. As a result of the retirement, MSG will report (Do not round intermediate calculations and round final answer to nearest whole dollar.):

a) $9,000 loss

b) $7,067 loss

c) $7,067 gain

d) $12,000 gain

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