A$560000 bond was retired at 98 when the carrying value of the bond was $550000. The entry to record the retirement wouldinclude aO gain on bond redemption of $10000.O loss on bond redemption of $10000.Q gain on bond redemption of $1200.Ở loss on bond redemption of $1200.eTextbook and MediaAssistance UsedSave for LaterAttempts: 0 of 2 usedSubmit AnswerSAMSUNGC-60369656etfg hbnmalt

The loss or gain on redemption is based on the carrying value and book value of the bond. If the…

A$560000 bond was retired at 98 when the carrying value of the bond was $550000. The entry to record the retirement would include a O gain on bond redemption of $10000. O loss on bond redemption of $10000. gain on bond redemption of $1200. O loss on bond redemption of $1200.

A$560000 bond was retired at 98 when the carrying value of the bond was $550000. The entry to record the retirement would include a O gain on bond redemption of $10000. O loss on bond redemption of $10000. gain on bond redemption of $1200. O loss on bond redemption of $1200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A$560000 bond was retired at 98 when the carrying value of the bond was $550000. The entry to record the retirement would
include a
O gain on bond redemption of $10000.
O loss on bond redemption of $10000.
Q gain on bond redemption of $1200.
Ở loss on bond redemption of $1200.
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