Question: A company issues $ 5 0 , 0 0 0 of 9 % , 1 0 - year bonds dated January 1 , 2 0

A company issues $50,000 of 9%,10-year bonds dated January 1,2027, that mature on December 31,2036, and pay interest semiannually for $2,250. On December 31,2031, when the bond premium is $2,500, the bonds are called for $52,000. The journal entry to record this transaction would record a (Gain/Loss) Blank______ on bond retirement in the amount of Blank______.
Multiple choice question.
Loss; $500
Gain; $2,000
Gain; $500
Loss; $2,000

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