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On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5%...

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Finance

On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross bonds payable at the current market price of 98% of the face amount (or 0.98 $1,200,000 = $1,176,000. The bond book value on September 21 is $1,150,000, reflecting an unamortized discount of $50,000. Bond interest is currently fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds? Ignore fees.

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