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Swifty Corporation retires its $580000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at

Swifty Corporation retires its $580000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $601721. The entry to record the redemption will include a:

A debit of $29000 to Premium on Bonds Payable.

B credit of $7279 to Gain on Bond Redemption.

C debit of $21721 to Premium on Bonds Payable.

D credit of $21721 to Loss on Bond Redemption.

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