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Question points The long-term liability section of Norway Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $600,000
Question points The long-term liability section of Norway Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $600,000 and a remaining discount of 560.000. Disclosure notes indicate the bonds were issued to yield 6%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year on July 1, 2021, Norway retired the bonds at 101 before their scheduled maturity. What is the amount of loss on early extinguishment of bonds? 566,000 $61800 563.200 $64.900
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