unded uebt service payments O For all debt service payments. DI Question 33 2.5 pts The City of Williamsburg decided to defease old 6% bonds carried in its Electric Enterprise Fund with new 4.5% bonds. As a result of the defeasance, the City incurred an accounting loss. This loss should be recognized As an adjustment to retained earnings since it is applicable to prior periods. In the year of the defeasance. Over the remaining life of the old bonds or the new bonds whichever is shorter I't should not be recogniz