Wildhorse co. received proceeds of $609000 on 10-year, 9% bonds issued on january 1, 2019. the bonds had a face value of $58, pay interest annually on december 31, and have a call price of 102. wildhorse uses the straight-line method of amortization. wildhorse co. decided to call the bonds on january 1, 2021. what amount of gain or loss would wildhorse report on their 2021 income statement?

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.