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Atlantic Corp. retired its bonds early which resulted in a gain of $40,000. Question: In the journal entry to record the retirement, how should the
Atlantic Corp. retired its bonds early which resulted in a gain of $40,000. Question: In the journal entry to record the retirement, how should the gain be recorded, and what will be the effect of the gain on the company's net income? Answer: A "Gain" account should be and the gain will cause the company's net income to
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