10 years ago, your company issued 10-year bonds. Now, they are going to be retired with cash (i.e. they are paying off the face value to satisfy the loan). As a result of the bonds' retirement, what is effect of retiring the bonds on the accounting equation?

Group of answer choices

Assets

[ Choose ] Decrease No Effect Increase

Liabilities

[ Choose ] Decrease No Effect Increase

Equity

[ Choose ] Decrease No Effect Increase

Net Income

[ Choose ] Decrease No Effect Increase