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

Question 143

Multiple Choice

On July 1, 2019, Michigan Company has bonds with balances as shown below. On July 1, 2019, Michigan Company has bonds with balances as shown below. Premium on Bonds Payable If the company retires the bonds for $74,150, what will be the effect on the income statement? A) gain on retirement of $6950 B) loss on retirement of $6950 C) gain on retirement of $650 D) loss on retirement of $650 Premium on Bonds Payable
On July 1, 2019, Michigan Company has bonds with balances as shown below. Premium on Bonds Payable If the company retires the bonds for $74,150, what will be the effect on the income statement? A) gain on retirement of $6950 B) loss on retirement of $6950 C) gain on retirement of $650 D) loss on retirement of $650 If the company retires the bonds for $74,150, what will be the effect on the income statement?


A) gain on retirement of $6950
B) loss on retirement of $6950
C) gain on retirement of $650
D) loss on retirement of $650

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