Sunland Company received proceeds of $253800 on 10-year, 8% bonds issued on January 1, 2015....
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Sunland Company received proceeds of $253800 on 10-year, 8% bonds issued on January 1, 2015. The bonds had a face value of $270000, pay interest annually on January 1, and have a call price of 101. Sunland uses the straight-line method of amortization. Sunland Company decided to redeem the bonds on January 1, 2017. What amount of gain or loss would Sunland report on its 2017 income statement?
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