Wildhorse Co. received proceeds of $1003000 on 10-year, 6% bonds issued on January 1, 2019. The bonds had a face value of $1064000, pay interest annually on December 31, and have a call price of 103. Wildhorse uses the straight-line method of amortization. Wildhorse Co. decided to redeem the bonds on January 1, 2021. What amount of gain or loss would Wildhorse report on its 2021 income statement?
O $48800 gain
O $80720 loss O $48800 loss
O $80720 gain
