On February 1, 2017, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2018, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement?
A) $0 gain.
B) $111,800 gain.
C) $72,800 gain.
D) $96,000 gain.
Correct Answer:
Verified
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