Swifty Company received proceeds of $159800 on 10-year, 8% bonds issued on January 1, 2018. The...

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Swifty Company received proceeds of $159800 on 10-year, 8% bonds issued on January 1, 2018. The bonds had a face value of $170000, pay interest annually on January 1, and have a call price of 101. Swifty uses the straight-line method of amortization. Swifty Corporation decided to redeem the bonds on January 1, 2020. What amount of gain or loss would Swifty report on its 2020 income statement? O $8160 gain O $8160 loss O $9860 gain O $9860 loss Swifty Company received proceeds of $159800 on 10-year, 8% bonds issued on January 1, 2018. The bonds had a face value of $170000, pay interest annually on January 1, and have a call price of 101. Swifty uses the straight-line method of amortization. Swifty Corporation decided to redeem the bonds on January 1, 2020. What amount of gain or loss would Swifty report on its 2020 income statement? O $8160 gain O $8160 loss O $9860 gain O $9860 loss

Answer rating: 100% (QA)

Bonds were issued on 112018 with a face value of 170000 Interest rate is 8 an... View the full answer