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At December 31, 2022, 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.

  1. At December 31, 2022, 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 104 on January 1, 2025, what is the gain or loss on early extinguishment?

Answer

$_______________

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