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On January 1, 2019, Masterwear Industries called its $700,000, 12% bonds when their book value was $676,288. The indenture specified a call price of $685,000.

On January 1, 2019, Masterwear Industries called its $700,000, 12% bonds when their book value was $676,288. The indenture specified a call price of $685,000. The bonds were issued previously at a price to yield 14%. Record the early extinguishment of debt. MU

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