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What is the gain or loss on early extinguishment

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Question - At December 31, 2025, the following balances existed for MICPA Corporation:

Bonds Payable (6%) $600,000

Discount on Bonds Payable 48,000

The bonds mature on 12/31/28. Straight-line amortization is used.

If 80% of the bonds are retired at 104 on January 1, 2028, what is the gain or loss on early extinguishment?

Reference no: EM133189717

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