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The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a
The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000. Disclosure notes indicate the bonds were issued to yield 7%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Northwest retired the bonds at 101 before their scheduled maturity. What is the amount of gain (loss) on early extinguishment of bonds? (Do not add dollar sign; do not add comma by yourself to your amount; round the answer to the whole number; use minus sign if the amount is negative) The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000. Disclosure notes indicate the bonds were issued to yield 7%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Northwest retired the bonds at 101 before their scheduled maturity. What is the amount of gain (loss) on early extinguishment of bonds? (Do not add dollar sign; do not add comma by yourself to your amount; round the answer to the whole number; use minus sign if the amount is negative)
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