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The Viper retires a $49.3 million bond issue when the carrying value of the bonds is $53.1 million, but the market value of the bonds
The Viper retires a $49.3 million bond issue when the carrying value of the bonds is $53.1 million, but the market value of the bonds is $46.4 million. The entry to record the retirement will include:
multiple choice-
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A debit of $6.7 million to a loss account.
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No gain or loss on retirement.
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A credit to cash for $53.1 million.
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A credit of $6.7 million to a gain account.
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