Question: On January 1 , 2 0 1 9 , MacElvey Products paid $ 2 0 0 0 0 ( face calue ) for a 5

On January1,2019, MacElvey Products paid $20000(face calue) for a 5 year bond wi stated rate of 5% interest. The binds had a fair value of $16000 on December 31,2019 and a fair value of $22000 on december 31,2020. Macelvy sold the bond on December 31,2020 for fair value. The bond was classified as an available for sale securit. What was the gain on sale recognized in income by MacElvy in the year ended december 31,2020?

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