(Answered) Question - on july 1 2017 adams company has bonds with

Accounting

Question - On July 1, 2017, Adams Company has bonds with balances as shown below.

Bonds Payable 71,000

Premium on Bonds Payable 4200

If the company retires the bonds for $74,150, what will be the effect on the income statement?

A) Loss on retirement of $7350 B) loss on retirement of $1050.

C) Gain on retirement of $1050 D) gain on retirement of $7350.

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