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On July 1, 2017, Adams Company has bonds with balances as shown below. Bonds Payable 71,000 Premium on Bonds Payable 4200 If the company retires

On July 1, 2017, Adams Company has bonds with balances as shown below.

Bonds Payable

71,000

Premium on Bonds Payable

4200

If the company retires the bonds for $74,150, what will be the effect on the income statement?

A) loss on retirement of $7350 B) loss on retirement of $1050

C) gain on retirement of $1050 D) gain on retirement of $7350

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