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A corporation recently retired $1,000,000 worth of bonds early for $997,500. They reported a gain...

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Accounting

A corporation recently retired $1,000,000 worth of bonds early for $997,500. They reported a gain related to the retirement of the bonds of $24,250. What was the unamortized bond discount or premium at the time of retirement?

Multiple Choice

  • $24,250 premium

  • $26,750 premium

  • $21,750 discount

  • $21,750 premium

Answer & Explanation Solved by verified expert
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