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Morgs Morgs
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5 years ago
Zambrano Corp. decided to go into the market to repurchase bonds before their due date.  The following are the balances of the accounts on the date of the retirement:

Bonds Payable$5,000,000
Bond Discount$30,000
Unamortized Bond Issue Cost$49,000
Cash Paid for Bonds$4,898,000

What is the gain or loss on the early extinguishment of the bonds?
A) $83,000 loss
B) $79,000 loss
C) $23,000 gain
D) No gain or loss is recognized.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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sophiehuynhsophiehuynh
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5 years ago
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Morgs Author
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#2
5 years ago
Electric Light Bulb Correct, thanks!
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