: On the first day of 2021, Rooney Inc had outstanding $1,000,000 of 9% bonds with a book value of $970,500. Rooney called the bonds
: On the first day of 2021, Rooney Inc had outstanding $1,000,000 of 9% bonds with a book value of $970,500. Rooney called the bonds (retired them) at a
call price of $987000 on July 1, 2021. The bonds were issued previously at a price to yield 11% and interest payable semi-annually on July 1 and January
1. is the amount of the loss on early extinguishment?
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