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On July 1, 2019, Montana Company Has Bonds with Balances

Question 146

Multiple Choice

On July 1, 2019, Montana Company has bonds with balances as shown below. On July 1, 2019, Montana Company has bonds with balances as shown below. Discount on Bonds Payable If the company retires the bonds for $71,150, what will be the effect on the income statement? A) loss on retirement of $4750 B) gain on retirement of $4750 C) sales revenue of $66,400 D) no effect on net income Discount on Bonds Payable
On July 1, 2019, Montana Company has bonds with balances as shown below. Discount on Bonds Payable If the company retires the bonds for $71,150, what will be the effect on the income statement? A) loss on retirement of $4750 B) gain on retirement of $4750 C) sales revenue of $66,400 D) no effect on net income If the company retires the bonds for $71,150, what will be the effect on the income statement?


A) loss on retirement of $4750
B) gain on retirement of $4750
C) sales revenue of $66,400
D) no effect on net income

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