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On February 1, 2020, Pat Weaver Inc. (PWI) issued 7%, $1,200,000 bonds for $1,500,000. PWI...

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Accounting

On February 1, 2020, Pat Weaver Inc. (PWI) issued 7%, $1,200,000 bonds for $1,500,000. PWI retired all of these bonds on January 1, 2021, at 103. Unamortized bond premium on that date was $123,600. How much gain or loss should be recognized on this bond retirement?

a. $0 gain

b. $84,000 gain

c.105,000 gain

d. 87,600 gain

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