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What the entry to record the redemption will include a

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Question 1: Crane Company retires its $560000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $580972. The entry to record the redemption will include a

Option a) debit of $20972 to Premium on Bonds Payable.

Option b) credit of $20972 to Loss on Bond Redemption.

Option c) debit of $28000 to Premium on Bonds Payable.

Option d) credit of $7028 to Gain on Bond Redemption.

Reference no: EM132568572

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