On October 15, 2014, Rural Sales has a bond with balances as shown below. If Rural Sales wishes to retire the bonds for $82,000, what will be the effect on the income statement?

Select one:

A. Loss on retirement of $2,600

B. Gain on retirement of $2,600

C. Gain on retirement of $2,000

D. Loss on retirement of $2,000

Question 17 Not yet answered Marked out of 1.00 Flag question On October 15, 2014, Rural Sales has a bond with balances as shown below. Bonde payable 80.000 Premiurh on bonds payable 4.600 If Rural Sales wishes to retire the bonds for $82,000, what will be the effect the income statement? Select one: O A. Gain on retirement of $2,600 B. Loss on retirement of $2,000 OC. Loss on retirement of $2,600 OD. Gain on retirement of $2,000 Question 18 Not yet answered Marked out of 1.00 Flag question The difference between a mortgage payable and a note payable is that notes payable are always long-term. Select one