Business, 06.05.2020 02:43 kayranicole1

Sandhill Company purchased $1280000 of 8%, 5-year bonds from Carlin, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $1329096 at an effective interest rate of 7%. Using the effective interest method, Sandhill Company decreased the Available-for-Sale Debt Securities account for the Carlin, Inc. bonds on July 1, 2021 and December 31, 2021 by the amortized premiums of $5048 and $5192, respectively. At February 1, 2022, Sandhill Company sold the Carlin bonds for $1316800. After accruing for interest, the carrying value of the Carlin bonds on February 1, 2022 was $1320500. Assuming Sandhill Company has a portfolio of available-for-sale debt investments, what should Sandhill Company report as a gain (or loss) on the bonds

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Sandhill Company purchased $1280000 of 8%, 5-year bonds from Carlin, Inc. on January 1, 2021, with i...

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