Homework Answers
Solution:
Premium amortized on June = ($800,000*12%)/2 -($832,000*10%)/2
=$48,000 -$41,600
=$6,400
Carrying value = $832,000 -$6,400
=$825,600
Loss on retirement = ($800,000*1.04) -$825,600
=$832,000 -$825,600
=$6,400
Therefore the correct option is $6,400
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