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1. A $600000 bond was retired at 98 when the carrying value of the bond was $592000. The entry to record the retirement would include a (Points : 2) gain on bond redemption of $8000. loss on bond redemption of $8000. loss on bond redemption of $4000. gain on bond redemption of $4000. higher when bonds sell at a discount. lower when bonds sell at a premium. the same whether bonds sell at a discount or a premium. higher when bonds sell at a discount and lower when bonds sell at a premium. $240450. $204050. $200450. $204500. $15080 $16000 $17150 $14850 $200000 $190800 $197700 $189650 gain on bond redemption of $18000. loss on bond redemption of $12000. loss on bond redemption of $18000. gain on bond redemption of $4000. Bonds Payable for $150000. Bonds Payable for $135000. Discount on Bonds Payable for $15000. Bonds Payable equal to the market price of the bonds on the date of conversion. issue the bonds. keep a record of each bondholder. hold conditional title to pledged property. maintain custody of unsold bonds. credit of $10040 to Loss on Bond Redemption. debit of $10040 to Loss on Bond Redemption. credit of $10040 to Premium on Bonds Payable. debit of $40000 to Premium on Bonds Payable. debit to Cash of $3000000. credit to Discount on Bonds Payable for $60000. credit to Bonds Payable for $3040000. debit to Cash for $2960000.

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