A $100,000 Bond Issue with a Carrying Value of $103,000 $\begin{array}{lr}\text { Bonds Payable } & 101,000 \\\text { Loss on Retirement of Bonds } & 2,000 \\\quad \text { Cash } &&103,000\end{array}$

question 95

Multiple Choice

A $100,000 bond issue with a carrying value of $103,000 is called at 101 and retired.The entry to record the retirement of bonds would be:

• A)
• \(\begin{array}{lr}
• \text { Bonds Payable } & 101,000 \\
• \text { Loss on Retirement of Bonds } & 2,000 \\
• \quad \text { Cash } &&103,000
• \end{array}\)
• B)
• Bonds Payable \(\quad 100,000\)
• Unamortized Bond Premium \(\quad 3,000\)
• \(\begin{array} { l r } \text { Cash } & 101,000 \\ \text { Gain on Retirement of Bonds } & 2,000 \end{array}\)
• C)
• \(\begin{array}{llr}
• \text { Bonds Payable } &100,000\\
• \text { Loss on Retirement of Bonds } &3,000\\
• \text { Cash } &&103,000
• \end{array}\)
• D)
• \(\begin{array}{ll}
• \text { Bonds Payable } & 103,000 \\
• \text { Cash } && 103,000
• \end{array}\)

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