On its December 31, 2017 statement of financial position, Codfish Ltd. reported bonds payable of $1,000,000. The bonds had been issued at par. On January 2, 2018, Codfish retired one half of the outstanding bonds at 103 plus a call premium of $35,000. Ignoring income taxes, what amount should Codfish report on its 2018 income statement as loss on extinguishment of debt?a) b) c) d) Answer: aFeedback:

2 points

$50,000

$35,000

$15,000

$0

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