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On January 1, 2014, Maine Company issued a 10% callable bond which has a par...

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Accounting

  1. On January 1, 2014, Maine Company issued a 10% callable bond which has a par value of $100,000 for $92,000. The bond is callable at 99 any time after January 1, 2019. The entire bond was called back on January 1, 2020 when the unamortized discount had a balance of $2,000. Compute the amount of the gain or loss when the bond was retired on January 1, 2020.

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