Sawyer Corporation has $700 million of debenture bonds outstanding that have an unamortized discount of $40 million. Lower interest rates convinced the company to pay off the bonds now by purchasing them on the market where the price of the bonds is 96. What is Sawyer's gain or loss on the retirement of the bonds? How would this gain or loss be shown in the financial statements? What is Sawyer's gain or loss on the retirement of the bonds? (Use a minus sign or parentheses for a loss.) Gain (loss) on retirement of bonds In Millions How would this gain or loss be shown in the financial statements? Gains and losses on early retirement of bonds payable are reported as on the a current liability long-term debt other income (loss) Next