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  3. taylor company received proceeds of $147,000 on 5-

Taylor Company received proceeds of $147,000 on 5-year, 8% bonds issued on January 1, Year...

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Accounting

Taylor Company received proceeds of $147,000 on 5-year, 8% bonds issued on January 1, Year 1. The bonds had a face value of $150,000, pay interest annually on December 31st, and have a call price of 104. Taylor Company decided to redeem the bonds on January 1, Year 2 at which time the amortized cost was $148,056. What amount of gain or loss would Taylor report on its Year 2 income statement? Select answer from the options below $1,944 gain

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