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What amount should Zack report

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Question - On its December 31, 2018 balance sheet, Zack Ltd. reported bonds payable of $1,600,000 face value and related unamortized discount of $20,000dr. On January 2, 2019, Zack retired all of those outstanding bonds at 95. Zack also paid a call premium of $15,000 in cash at that time.

What amount should Zack report in its 2016 income statement as a gain or loss on extinguishment of debt?

Reference no: EM132854998

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