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Discuss what is the loss on early extinguishment

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At December 31, 2017, the following balances existed for Sweeney Corporation:

Bonds Payable (10%)
$1,500,000
Premium on Bonds Payable
40,000

The bonds mature on 12/31/22. Straight-line amortization is used.

If 30% of the bonds are retired at 105 on January 1, 2019, what is the loss on early extinguishment?

I have completed this problem a couple different ways and am not sure which one is right. I know there is a year of amortization at 8000 but I guess I am confused on what numbers to use for the what the Bonds payable would be on the day of extinguishment. Would I use the 1,500,000 * .30 or 1,532,000 *.30

Reference no: EM131764878

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