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On January 1, 2021, Sheffield Corp. redeemed its 15-year bonds of $7140000 par value for...

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Accounting

On January 1, 2021, Sheffield Corp. redeemed its 15-year bonds of $7140000 par value for 101. They were originally issued on January 1, 2009 at 91 with a maturity date of January 1, 2024. Sheffield amortizes discounts and premiums using the straight-line method. What amount of loss should Sheffield recognize on the redemption of these bonds (ignore taxes)?

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