On June 30, 2021, Sheffield Corp. had outstanding 9%, $8140000 face amount, 15-year bonds maturing...
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On June 30, 2021, Sheffield Corp. had outstanding 9%, $8140000 face amount, 15-year bonds maturing on June 30, 2031. Interest is payable on June 30 and December 31. The unamortized balance in the bond discount account on June 30, 2021 was $363000. On June 30, 2021, Sheffield acquired all of these bonds at 95 and retired them. What net carrying amount should be used in computing gain or loss on this early extinguishment of debt?
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