Question: 9. The Viper retires a $49.5 million bond issue when the carrying value of the bonds is $53.7 million, but the market value of the

9. The Viper retires a $49.5 million bond issue when the carrying value of the bonds is $53.7 million, but the market value of the bonds is $47.3 million. The entry to record the retirement will include:

A credit of $6.4 million to a gain account.
A credit to cash for $53.7 million.
A debit of $6.4 million to a loss account.
No gain or loss on retirement.

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