On January 1, 2010, Fox Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, 2020, but were callable at 103 any time after December 31, 2013. Interest was payable semiannually on July 1 and January 1. After 5 ½ years, on July 1, 2015, Fox called all of the bonds and retired them. Bond premium was properly amortized on a straight-line basis over 10 years. Before income taxes, Fox's gain or loss in 2015 on this early extinguishment of debt was
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On January 1, 2010, Fox Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were...
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