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On July 1, 2014, Miniature Company Has Bonds with Balances

Question 118

Multiple Choice

On July 1, 2014, Miniature Company has bonds with balances as shown below. On July 1, 2014, Miniature Company has bonds with balances as shown below. If the company retires the bonds for $66,150, what will be the effect on the income statement? A) gain on retirement of $4,400 B) loss on retirement of $4,400 C) gain on retirement of $2,100 D) loss on retirement of $2,100 If the company retires the bonds for $66,150, what will be the effect on the income statement?


A) gain on retirement of $4,400
B) loss on retirement of $4,400
C) gain on retirement of $2,100
D) loss on retirement of $2,100

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