(Answered) Problem 1 on july 1 2014 miniature company has bonds with

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Problem 1: On July 1, 2014, Miniature Company has bonds with balances as shown below.

Bonds Payable		Premium on Bonds Payable
	65,000		3,250

If the company retires the bonds for $66,150, what will be the effect on the income statement?

loss on retirement of $2,100
loss on retirement of $4,400
gain on retirement of $4,400
gain on retirement of $2,100

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