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What friendly retirement of the bonds would result

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Reference no: EM132553640

Question 1: Because of changing market conditions, Friendly Corporation made the decision to redeem $300,000 of its bonds prior to maturity. The bonds had been issued at a discount and the balance in the discount account at the time of redemption was $15,000. The corporation's bond certificates indicated that the bonds could be retired early at 103. Friendly's retirement of the bonds would result in a(n)

Group of answer choices

Option 1: decrease in owners' equity of $9,000.

Option 2: increase in assets of $15,000.

Option 3: gain of $6,000.

Option 4: loss of $24,000.

Reference no: EM132553640

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