On July 1, 2019, Michigan Company has bonds with balances as shown below. Bonds Payable 71,000 Premium on Bonds Payable 3,800 If the company retires the bonds for $74,150, what will be the effect on the income statement? gain on retirement of $6950 loss on retirement of $6950 gain on retirement of $650 loss on retirement of $650 QUESTION 7 High Quality Jewelers uses the perpetual inventory system. On March 3, High Quality sold merchandise for $55,000 to a customer on account with terms 3/15, /30. The cost of goods sold was $20,350. On March 18, High Quality received payment from the customer. Calculate the amount of gross profit. $30,800 $33,000 $34,650 $53,350