At December 31, 2026, the following balances existed for MICPA Corporation: Bonds Payable (6%) $600,000 Discount on Bonds Payable 50,000 The bonds mature on 12/31/28. Straight-line amortization is used. If 60% of the bonds are retired at 103 on January 1, 2028, what is the gain or loss on early extinguishment

$25,800

Explanation:

The bonds would mature at the end of the year 2028, which means in 2 years, as result, annual discount amortization is  computed thus:

annual discount amortization=$50,000/2=$25,000

On January 1,2028, the balance in discount amortization is $25,000

Proceeds for 60% redemption=$600,000*60%*103%=$370,800

60% of bonds payable=$600,000*60%=$360,000

60% of unamortized discount=60%*$25,000=$15,000

In effecting the  journal entries, bonds payable is debited with $360,000 while cash and discount on bonds payable are credited with $370,800 and $15,000 respectively.

Total credits=$370,800+$15,000=$385,800  

total debit=$360,000

loss on early extinguishment is $25,800($385,800-$360,000)

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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