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Discuss extinguishment of bonds prior to maturity

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Extinguishment of Bonds Prior to Maturity

Question 1: On December 1, 2017, Cone Company issued its 9%, $620,000 face value bonds for $720,000, plus accrued interest. Interest is payable on November 1 and May 1. On December 31, 2019, the book value of the bonds, inclusive of the unamortized premium, was $660,000. On July 1, 2020, Cone reacquired the bonds at 98 plus accrued interest. Cone appropriately uses the straight-line method for the amortization because the results do not materially differ from those of the effective interest method.

Reference no: EM132497266

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