This assignment has been solved
On December 1, 2008, C.R. Bard purchased $451,000, 7% bonds,
with interest payable on January 1 and July 1, for $343,970,
INCLUDING accrued interest. The bonds mature on April 1, 2017.
Amortization is recorded using the straight-line method and the
bonds are classified as available-for-sale. On December 31, 2011,
the bonds were adjusted to their proper carrying value when their
fair value was $330,141. The fair market value of the bonds on
December 31, 2010 was $316,897. Assuming the bonds were sold on
August 1, 2012 for $366,948, PLUS accrued interest, determine the
gain or loss on the sale of the bonds? Note: Accrue interest and
amortize premium/discount on a monthly basis. Round your answer to
the nearest whole dollar. If a gain results, enter your answer as a
positive number. If a loss results, place a minus sign ‘-‘ prior to
the amount of the loss.