(Answered) Problemon july 1 2014 miniature company has bonds with

Accounting

Problem

On July 1, 2014, Miniature Company has bonds with balances as shown below.If the company retires the bonds for $66,150, what will be the effect on the income statement?

65, 000 bonds payable

3,250 premium on bonds payable

A. loss on retirement of $2,100

B. loss on retirement of $4,400

C. gain on retirement of $4,400

D. gain on retirement of $2,100

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