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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

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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? A. gain on retirement of $6,950 B. loss on retirement of $6,950 C. loss on retirement of $650 D. gain on retirement of $650 rib +

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