On July 1,2017,Miniature 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 $4,750
B) gain on retirement of $4,750
C) sales revenue of $66,400
D) no effect on net income
Correct Answer:
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