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What amount should mackeral report on income statement

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Question 1: On its December 31, 2020 statement of financial position, Mackeral Ltd. reported bonds payable of $500,000. The bonds had been issued at par. On January 2, 2021, Mackeral retired one half of the outstanding bonds at 101 plus a call premium of $20,000. Ignoring income taxes, what amount should Mackeral report on its 2021 income statement as loss on extinguishment of debt?

A. $2,500
B. $22,500
C. $20,000
D. $0

Reference no: EM132898794

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