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On July 1, 2025, Michigan Company has bonds with balances as shown below. Bonds Payable 67.000 Premium on Bonds Payable 3,900 If the company retires

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On July 1, 2025, Michigan Company has bonds with balances as shown below. Bonds Payable 67.000 Premium on Bonds Payable 3,900 If the company retires the bonds for $69,150, what will be the effect on the income statement? A. gain on retirement of $1,750 B. gain on retirement of $6,050 C. loss on retirement of $1,750 D. loss on retirement of $6,050

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