Performing the annual audit of the accounts
You are an accountant who is performing the annual audit of the accounts at Hookem, Billem, and Soakem, a large cellular telephone company. From past experience it is known that 6% of the accounts at Hookem, Billem, and Soakem have errors.
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The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.) On April 1, 2011, Wolfe retired $240,000 of these bonds at 101 plus accrued interest.
What net carrying amount should be used in computing gain or loss on this early extinguishment of debt?
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