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On July 1, 2017, Miniature Company has bonds with balances as shown below. Bonds Payable 70,000 Discount on Bonds Payable 4,400 If the company retires

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

Bonds Payable

70,000

Discount on Bonds Payable

4,400

If the company retires the bonds for $75,150, what will be the effect on the income statement?

a. sales revenue of $65,600

b. loss on retirement of $9,550

c. no effect on net income

d. gain on retirement of $9,550

Bonds Payable
	70,000

Discount on Bonds Payable
4,400

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