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Home Q & A Board Other Fields Homework Help Business Accounting
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les123456 les123456
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5 years ago
On July 1, 2017, Miniature Company has bonds with balances as shown below.

  Bonds Payable
69,000


Discount on Bonds Payable
4,000


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
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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macbookpro1macbookpro1
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5 years ago
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les123456 Author
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#2
5 years ago
Thank you
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