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Chang Industries has bonds outstanding with a par value of $200,000 and a carrying value of $203,000. If the company calls these bonds at a price of $201,000, what is the gain or loss on retirement?

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Chang Industries has bonds outstanding with a par value of $200,000 and a carrying value of $203,000. If the company calls these bonds at a price of $201,000, what is the gain or loss on retirement?

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Calculation of gain or loss on retirement:

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The gain or loss on retirement ...

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