Question
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.
- 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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Audit Guide Government Auditing Standards And Single Audits
Authors: AICPA
1st Edition
1945498447, 978-1945498442
