Book value of a bond (principal + interest payable) at the beginning of the year = $100 Market value of the bond (principal + interest payable) at the beginning of the year = $120 Discount rate prevailing when the bond was issued = 10% Discount rate prevailing at the beginning of the year = 8% Payments to bondholders during the year = $7 The bond was bought back for $95 at the end of the year. Gain (or loss) on bond buyback = ? (Put a minus sign in front of a loss.)
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