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What is the loss that should be recorded on early retirement

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Problem 1: At December 31, 2020, the 10% bonds payable of Paisley Inc. had a carrying value of $ 760,000. The bonds, which had a face value of $ 800,000, were issued at a discount to yield 12%. The amortization of the bond discount had been recorded using the effective-interest method. Interest was being paid on January 1 and July 1 of each year. The July 1, 2021 interest payment and discount amortization had been correctly recorded. On July 2, 2021, Paisley retired the bonds at 102. Ignoring income taxes, what is the loss that should be recorded on the early retirement of the bonds?

Reference no: EM132717807

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