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  3. on may 1, 2017, nash ltd. issued a series of bonds

On May 1, 2017, Nash Ltd. issued a series of bonds in order to raise...

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Accounting

On May 1, 2017, Nash Ltd. issued a series of bonds in order to raise money for some upcoming projects. The bonds had a face value of $5,232,000 and matured in 10 years. Interest was payable at a face rate of 6% each April 30 and October 31. The bonds were issued to yield 7.5%.

In the years that followed, Nash encountered a number of highly profitable years, resulting in a surplus of cash. On August 1, 2022, the company repurchased and retired the entire bond issue at 114, plus accrued interest. Calculate the amount of the gain or loss on early redemption of the bonds

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