The Big Co. issued $100,000 of bonds for their face value six years ago. This...
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Accounting
The Big Co. issued $100,000 of bonds for their face value six years ago. This year, it retires the bonds for $105,000. As a result of retiring these bonds, it:
reports a gain of $5,000.
reduces its liabilities by $105,000.
reduces its assets by $100,000.
reports a loss of $5,000.
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