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ABC Company retires a $24.9 million bond issue when the carrying value of the bonds is $23.1 million, but the market value of the bonds

ABC Company retires a $24.9 million bond issue when the carrying value of the bonds is $23.1 million, but the market value of the bonds is $271 million. The entry to record the retirement will include: Multiple Choice A credit to cash for $23.1 million A credit of $40 million to a gain account. No gain or loss on retirement A debit of $4.0 million to a loss account

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