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On January 1,2021,Katty Company issued$800,000 of 8%,10-year bonds for 97.Patty retired all of these bonds on...


On January 1,2021,Katty Company issued$800,000 of 8%,10-year bonds for 97.Patty retired all of these bonds on January 1,2022,at 102.If Katty uses the straight-line amortization,how
much loss should be recognized on this bond retirement?
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Answer Loss on Retirement = Re-acquisition Price Careying value $ 800,000 x 102 6 $778,400 $ 37,600 Note Coweging value on Ja

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