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19

Accounting

19. The 12% bonds payable of Lynn Co. had a carrying amount of $936,000 on December 31, 20X4. The bonds, which had a face value of $900,000, were issued at a premium to yield 10%. Lynn uses the effective interest method of amortization. Bonds will mature on December 31, 20X7 and Interest is paid on June 30 and December 31. On June 30, 20X5, several years before their maturity, Lynn retired the bonds at 104 plus accrued interest. Calculate the loss on retirement. Ignoring taxes.

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