Question
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.
| 70,000 |
| 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
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Financial Accounting
Authors: Bev Vickerstaff, Parminder Johal
1st Edition
1444170414, 978-1444170412
