Business

28 February, 02:23

On July 31 of the current year, Dome Co. issued $1,000,000 of 10%, 15-year bonds at par and used a portion of the proceeds to call its 600 outstanding 11%, $1,000 face value bonds, due in ten years on July 31, at 102. On that date, unamortized bond premium relating to the 11% bonds was $65,000. In its year-end income statement, what amount should Dome report as gain or loss, before income taxes, from retirement of bonds?

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