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4. At December 31, 2024, the following balances existed for MICPA Corporation: Bonds Payable (6%) $600,000 Discount on Bonds Payable 50,000 The bonds mature on

4. At December 31, 2024, the following balances existed for MICPA Corporation:

Bonds Payable (6%) $600,000

Discount on Bonds Payable 50,000

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

If 60% of the bonds are retired at 102 on January 1, 2028, what is the gain or loss on early extinguishment?

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