Question: On its December 3 1 , 2 0 2 4 balance sheet, Cullumber Corp. reported bonds payable of $ 5 9 2 0 0 0

On its December 31,2024 balance sheet, Cullumber Corp. reported bonds payable of $5920000. The bonds had been issued at par. On January 2,2025, Cullumber retired $2960000 of the outstanding bonds at par plus a call premium of $65000. What amount should Cullumber report in its 2025 income statement as a loss on extinguishment of debt?
$0
$65000
$32500
$29600
On its December 31,2024 balance sheet, Cullumber Corp. reported bonds payable

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