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Butler, Inc. paid $67,500 to retire a note with a face value of $74,700 ....

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Accounting

Butler, Inc. paid $67,500 to retire a note with a face value of $74,700 . The note was issued with an 8% coupon rate paid semiannually. The note was three years from maturity and had a net book value of $61,380 . What is the net gain or loss on the redemption of the note?

Select one: a. $6,120 loss b. $7,200 loss c. $7,200 gain d. $6,120 gain e. None of these are correct.

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