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What is the amount of the loss on early extinguishment

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Reference no: EM132601117

Question 1: On January 1, 2021, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $973,500. The indenture specified a call price of $990,000. The bonds were issued previously at a price to yield 12% and interest payable semi-annually on July 1 and January 1. Tiny Tim called the bonds (retired them) on July 1, 2021. What is the amount of the loss on early extinguishment?

Multiple Choice

Option 1: $0.

Option 2: $7,745.

Option 3: $8,090.

Option 4: $8,410.

Reference no: EM132601117

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