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On January 1, 2020 Jinn Inc. issued 5-year, 10% $100,000 bonds for 93, because the...

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Accounting

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On January 1, 2020 Jinn Inc. issued 5-year, 10% $100,000 bonds for 93, because the market rate of interest on that date was 12%. The bonds pay interest annually on December 31st each year. One year later on January 1, 2021, Jinn Inc. retires the $100,000 bonds by repurchasing them in the market for $95,000. What is the amount of gain or loss on the retirement of the bonds? O $2,000 loss $2,000 gain O $500 gain $940 loss $840 gain

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