Recognized on the called bonds, Accounting Basics

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Recognized on the called bonds

Problem:

Didde Company issues $10,000,000 face value of bonds at 96 on January 1, 2009. The bonds are dated January 1, 2009, pay interest semiannually at 8% on June 30 and December 31, and mature in 10 years. Straight-line amortization is used for discounts and premiums. On September 1, 2012, $6,000,000 of the bonds are called at 102 plus accrued interest.

Required:

Question: What gain or loss would be recognized on the called bonds on September 1, 2012?

Note: Please show the work not just the answer.

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Accounting Basics: Recognized on the called bonds

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Accounting Basics: Recognized on the called bonds

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