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What is the gain or loss on early extinguishment of bonds

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Reference no: EM131780207

Problem

Lamb Corp. decided to go into the market to repurchase bonds before their due date. The following are the balances of the accounts on the date of the retirement:

Bonds Payable $5,000,000

Bond Discount $30,000

Unamortized Bond Issue Cost $45,000

Cash Paid for Bonds $4,900,000

What is the gain or loss on the early extinguishment of the bonds?

Reference no: EM131780207

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