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

question 57

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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?

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