on july 1, year 2, flax corporation issued 2,000 of its 9%, $1,000 callable bonds for $1,920,000. the bonds are dated july 1, year 2 and mature on july 1, year 12. interest is payable semiannually on january 1 and july 1. flax uses the straight-line method of amortizing bond discount. the bonds can be called by the issuer at 101 at any time after june 30, year 7. on july 1, year 8, flax called in all of the bonds and retired them. before income taxes, how much loss should flax report on this early extinguishment of debt for the year ended december 31, year 8?
