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On January 1, 2013, Tiny Tim Industries had outstanding $1,000,000 of 12% bonds with a...

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Accounting

On January 1, 2013, Tiny Tim Industries had outstanding $1,000,000 of 12% bonds with a carrying amount of $966,130. The indenture specified a call price of $981,000. The bonds were issued previously at a price to yield 14%. Tiny Tim called the bonds (retired them) on July 1, 2013. What is the amount of the loss on early extinguishment? A. $0. B. $6,932. C. $7,241. D. $7,629

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