On January 1, 2022, Gorski Corp. purchased $1,000,000,10% bonds for $1,040,000. These bonds were to mature on January 1, 2032, but were redeemable at 101 any time after December 31, 2025. Interest was payable semiannually on July 1 and January 1. On July 1, 2026, Gorski sold all of the bonds. Bond premium was amortized on a straight-line basis. Gorski’s gain or loss in 2026 was: "g"
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On January 1, 2022, Gorski Corp. purchased $1,000,000,10% bonds for $1,040,000. These bonds were to...
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