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?
Definitions:
Cost of Goods Sold
The total cost of manufacturing or acquiring a product or service that is sold to customers.
Job-Order Costing System
An accounting system that accumulates and assigns costs to specific jobs or batches of products, useful for customized orders.
Overapplied
A situation where the overhead applied to products or services exceeds the actual overhead incurred.
Underapplied
Underapplied overhead occurs when the allocated manufacturing overhead costs are less than the actual overhead costs incurred, resulting in a shortfall that needs to be adjusted.
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