Question: ETrade Associates has outstanding Bonds Payable, with a par value of $70,000, and carrying value of $68,075. If ETrade purchases the bonds in the open

ETrade Associates has outstanding Bonds Payable, with a par value of $70,000, and carrying value of $68,075. If ETrade purchases the bonds in the open market at a price of 98.5 and retires them, which of the following is true? Answer A. ETrade will recognize a gain of $1,925 B. ETrade will recognize a loss of $1,925 C. ETrade will recognize a loss of $875 D. ETrade will recognize a gain of $875

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