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Question
winrow company received proceeds of $377,000 on 10-year, 8% bonds issued on january 1, 2011. the bonds had a face value of $400,000, pay interest annually on december 31st, and have a call price of 101. winrow uses the straight-line method of amortization. winrow company decided to redeem the bonds on january 1, 2013. what amount of gain or loss would winrow report on its 2012 income statement?
a.$18,400 gain
b.$22,400 gain
c.$22,400 loss
d.$18,400 loss
Answer
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