A corporation retired $610,000 of bonds which have an unamortized discount of $2

Question

A corporation retired $610,000 of bonds which have an unamortized discount of $21,000, by repurchasing them for $610,000. How much was the gain or loss on the retirement of the bonds? There was a $21,000 gain. There was no gain or loss. There was a $21,000 loss. There was a $610,000 loss. There was a $21,000 gain. There was no gain or loss. There was a $21,000 loss. There was a $610,000 loss. A corporation retired $610,000 of bonds which have an unamortized discount of $21,000, by repurchasing them for $610,000. How much was the gain or loss on the retirement of the bonds?

Explanation / Answer

There was no gain or loss.

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