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On July 1, 2017 Miniature Company has bonds with balances as shown below. Bonds payable 72000 Discount on Bonds Payable 4700 If the company retires

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

Bonds payable 72000

Discount on Bonds Payable 4700

If the company retires the bonds for $75150 what will be the effect on the income statement?

A) loss on retirement of $7850

B) Sales revenue of 67300

C) no effect

D) gain on retirement of $7850

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