valdezavery346 valdezavery346

23-11-2020
Business

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The Viper retires a $40 million bond issue when the carrying value of the bonds is $42 million, but the market value of the bonds is $36 million. The entry to record the retirement will include:

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Tundexi Tundexi

25-11-2020

Answer:

The retirement of bonds includes a credit of $6 million to gain account.

Explanation:

Gain on retirement = Book value of bonds - Market value of bonds

Gain on retirement = $42 million - $36 million

Gain on retirement = $6 million

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