On January 1, 2016, Goll Corp. issued 3,000 of its 10%, $1,000 bonds for $3,120,000. These bonds were to mature on January 1, 2026 but were callable at 101 any time after December 31, 2019. Interest was payable semiannually on July 1 and January 1. On July 1, 2021, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2021 on this early extinguishment of debt was

$24,000 gain

Explanation:

Dr Cash 3,120,000

    Cr Bonds payable 3,000,000

    Cr Premium on bonds payable 120,000

premium amortization per coupon = $120,000 / 20 periods = $6,000

a total of 11 coupons were paid = $6,000 x 11 = $66,000

carrying value of the bonds = $3,054,000

gain/loss on retirement of bonds = carrying value - retirement value = $3,054,000 - $3,030,000 = $24,000 gain

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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