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Question
sparks company received proceeds of $211,500 on 10-year, 8% bonds issued on january 1, 2011. the bonds had a face value of $200,000, pay interest annually on december 31st, and have a call price of 102. sparks uses the straight-line method of amortization. sparks company decided to redeem the bonds on january 1, 2013. what amount of gain or loss would sparks report on their 2011 income statement?
a.$9,200 gain
b.$5,200 gain
c.$5,200 loss
d.$9,200 loss
Answer
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