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How much is the gain or loss on extinguishment

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Problem 1: On January 1, 2020, Bobond issued a 3-year, 9% P1,000,000 at par. Interest is payable semi-annually every June 30 and December 31. On May 30, 2021 the bonds were retired for P1,030,000. How much is the gain or (loss) on extinguishment (Use negative sign if loss)?

Reference no: EM132823023

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