On January 1, 2019, McCord Products paid $20,000 (face value) for a 5-year bond with a stated interest rate of 5%. The bonds had a fair value of $16,000 on December 31, 2019, and a fair value of $22,000 on December 31, 2020. McCord sold the bond on December 31, 2020, for fair value. The bond was classified as an available-for-sale security. What was the gain on sale recognized in income by McCord in the year ended December 31, 2020
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On January 1, 2019, McCord Products paid $20,000 (face value) for a 5-year bond with a stated intere...
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