What is the loss on early extinguishment
Course:- Accounting Basics
Reference No.:- EM132048514

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Question - At December 31, 2017 the following balances existed for Sweeney Corporation:

Bonds Payable (10%) $1,500,000

Premium on Bonds Payable 40,000

The bonds mature on 12/31/22. Straight-line amortization is used. If 30% of the bonds are retired at 105 on January 1, 2019, what is the loss on early extinguishment?

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