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Effect on the income statement

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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

Reference no: EM13856289

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