Business, 23.09.2019 21:20 aliviadushane

The long-term liability section of rainbow digital corporation’s balance sheet as of december 31, 2020, included 10% bonds having a face amount of $1,000,000 and a remaining discount of $139,294. disclosure notes indicate the bonds were issued to yield 12%. interest expense is recorded at the effective interest rate and paid on june 30 and december 31 of each year. on july 1, 2021, rainbow digital retired the bonds at 101 before their scheduled maturity. what is the amount of gain (loss) on early extinguishment of bonds?

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The long-term liability section of rainbow digital corporation’s balance sheet as of december 31, 20...