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Business, 01.10.2019 22:20 gg1040

On january 2, 2012, grouper corporation issued $1,100,000 of 10% bonds at 98 due december 31, 2021. interest on the bonds is payable annually each december 31. the discount on the bonds is also being amortized on a straight-line basis over the 10 years. (straight-line is not materially different in effect from the preferable "interest method".) the bonds are callable at 101 (i. e., at 101% of face amount), and on january 2, 2017, grouper called $660,000 face amount of the bonds and redeemed them. ignoring income taxes, compute the amount of loss, if any, to be recognized by grouper as a result of retiring the $660,000 of bonds in 2017

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On january 2, 2012, grouper corporation issued $1,100,000 of 10% bonds at 98 due december 31, 2021....
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