Business, 22.04.2020 03:00, jenniferpt

On January 2, 2015, Pharoah Corporation issued $1,700,000 of 10% bonds at 97 due December 31, 2024. 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 102 (i. e., at 102% of face amount), and on January 2, 2020, Pharoah called $1,020,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Pharoah as a result of retiring the $1,020,000 of bonds in 2020. (Round answer to 0 decimal places, e. g. 38,548.)

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On January 2, 2015, Pharoah Corporation issued $1,700,000 of 10% bonds at 97 due December 31, 2024....