(Answered) Question - willis owns 60 of yonex on january 1 2011 yonex

Accounting

Question - Willis owns 60% of Yonex. On January 1, 2011 Yonex has bonds payable outstanding of $6,000,000 and a bond discount account with a debit balance of $500,000. On that date Willis purchases all the outstanding bonds for a price of $5,600,000. How much is the gain or loss on the in substance defeasance (early "retirement") of the bonds?

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