Solved: What amount should emig report in its 2011 income statement, Accounting Basics

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What amount should emig report in its 2011 income statement

Question - On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000. The bonds had been issued at par. On January 1, 2011, Emig retired $3,000,000 of the outstanding bonds at par plus a call premium of $70,000. What amount should Emig report in its 2011 income statement as loss on extinguishment of debt (ignore taxes)?

$70,000

$160,000

$230,000

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Accounting Basics: What amount should emig report in its 2011 income statement

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