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On July 1,2017,Miniature Company Has Bonds with Balances as Shown

Question 148

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On July 1,2017,Miniature Company has bonds with balances as shown below.
On July 1,2017,Miniature Company has bonds with balances as shown below. Discount on Bonds Payable If the company retires the bonds for $72,150,what will be the effect on the income statement? A) loss on retirement of $7,150 B) gain on retirement of $7,150 C) sales revenue of $65,000 D) no effect on net income
Discount on Bonds Payable
On July 1,2017,Miniature Company has bonds with balances as shown below. Discount on Bonds Payable If the company retires the bonds for $72,150,what will be the effect on the income statement? A) loss on retirement of $7,150 B) gain on retirement of $7,150 C) sales revenue of $65,000 D) no effect on net income
If the company retires the bonds for $72,150,what will be the effect on the income statement?


A) loss on retirement of $7,150
B) gain on retirement of $7,150
C) sales revenue of $65,000
D) no effect on net income

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