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  3. several years ago, timmins inc. issued $250,000 of

Several years ago, Timmins Inc. issued $250,000 of 10-year bonds at a discount. The company...

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Accounting

Several years ago, Timmins Inc. issued $250,000 of 10-year bonds at a discount. The company decides to redeem the bonds at 98 when the amortized cost is $248,000. Would there be a gain or a loss on redemption of the bonds, and how much would it be?

  • A :

    a gain on redemption of $3,000

  • B :

    a gain on redemption of $2,000

  • C :

    a loss on redemption of $3,000

  • D :

    a loss on redemption of $2,000

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