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What is the gain or loss on early extinguishment

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Question - At December 31, 2020, the following balances existed for Tactyc Corporation:

Bonds Payable (10%) $1,200,000

Discount on Bonds Payable 40,000

The bonds mature on 12/31/28. Straight-line amortization is used.

If 40% of the bonds are retired at 105 on January 1, 2025, what is the gain or loss on early extinguishment?

Reference no: EM132234211

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