20.) On January 1, 2002, Brownies Corp. issued 1,000 of its 10%, P1,000 bonds for P1,040,000. These bonds were to mature on January 1, 2012 but were callable at 101 any time after December 31, 2005. Interest was payable semiannually on July 1 and January 1. On July 1, 2007, Brownie called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Brownies' gain or loss in 2007 on this early extinguishment of debt was ?
21.) At the beginning of current year, Marble Co. issued 10-year bonds with a face amount of P 5,000,000 and a stated interest rate of 8% payable annually at every year - end. The
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