24. Help me selecting the right answer. Thank you On March 21, 2025, the bond accounts of Nolen Services showed the following balances:Bonds Payable$67,000 credit balancePremium on Bonds Payable3,300 credit balanceThe bonds were retired early for $64,700. What is the journal entry to record the retirement of the bonds?Bonds Payable67,0001,000Loss on Retirement of Bonds PayablePremium on Bonds PayableCashCashPremium on Bonds PayableGain on Retirement of Bonds PayableBonds PayableCashLoss on Retirement of Bonds PayablePremium on Bonds PayableBonds PayableBonds PayablePremium on Bonds PayableGain on Retirement of Bonds PayableCash64,7003,30064,7003,30067,0003,3003,30064,7001,00067,0001,00067,0005,60064,700

Lets understand the basics. When entity retires a bond early then there is possibility of gain or…

On March 21, 2025, the bond accounts of Nolen Services showed the following balances: Bonds Payable $67,000 credit balance 3,300 credit balance Premium on Bonds Payable The bonds were retired early for $64,700. What is the journal entry to record the retirement of the bonds? O Bonds Payable 67,000 Loss on Retirement of Bonds Payable 1,000 Premium on Bonds Payable Cash O Cash Premium on Bonds Payable Gain on Retirement of Bonds Payable Bonds Payable Cash Loss on Retirement of Bonds Payable Premium on Bonds Payable Bonds Payable Bonds Payable Premium on Bonds Payable 64,700 3,300 64,700 3,300 67,000 3,300 3,300 64,700 1,000 67,000 1,000 67,000

On March 21, 2025, the bond accounts of Nolen Services showed the following balances: Bonds Payable $67,000 credit balance 3,300 credit balance Premium on Bonds Payable The bonds were retired early for $64,700. What is the journal entry to record the retirement of the bonds? O Bonds Payable 67,000 Loss on Retirement of Bonds Payable 1,000 Premium on Bonds Payable Cash O Cash Premium on Bonds Payable Gain on Retirement of Bonds Payable Bonds Payable Cash Loss on Retirement of Bonds Payable Premium on Bonds Payable Bonds Payable Bonds Payable Premium on Bonds Payable 64,700 3,300 64,700 3,300 67,000 3,300 3,300 64,700 1,000 67,000 1,000 67,000

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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