X2 issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year. X2's accountant has projected the following amortization schedule from issuance until maturity:

Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value
01/01/2021 $ 229,267
12/31/2021 $ 15,400 $ 13,756 $ 1,644 227,623
12/31/2022 15,400 13,657 1,743 225,881
12/31/2023 15,400 13,553 1,847 224,033
12/31/2024 15,400 13,442 1,958 222,075
12/31/2025 15,400 13,325 2,075 220,000

X2 buys back the bonds for $103,000 immediately after the interest payment on 12/31/2022 and retires them. What gain or loss, if any, would X2 record on this date?

Problem 1. the following balance sheet contains errors. lopez services, inc. balance sheet for the year ended december 31, 20-- assets liabilities current assets: current liabilities: cash $ 6,170 accounts receivable $ 9,000 accounts payable 8,500 accum. depr- building 13,525 supplies 1,590 accum. depr- equipment 6,340 prepaid insurance 345 net income 12,500 land 25,000 total current assets $ 42,105 total liabilities $ 40,865 stockholders equity property, plant, and equipment: wages payable $ 500 building $ 45,500 retained earnings 10,000 equipment 28,250 total stockholders' equity $ 64,490 total property, plant, and equipment 73,750 total assets $115,855 total liabilities and stockholders' equity $115,855 (a) list the errors in the balance sheet above and (b) prepare a corrected balance sheet using ms excel