Question 47 A potential liability which depends on a future event arising out of a past transaction is known as a(n): O Accrued liability O Contingent liability O Current liability O Deferred liability Question 48 3.33 pts 3.33 pts Stevens Company has $200,000 par value of bonds outstanding. When the balance in Discount on Bonds Payable is $3,000 (after semi- annual interest is paid and the discount is amortized), Stevens calls these bonds and pays 103 to the bondholders. The journal entry to record the retirement of these bonds would include: O Debit to Loss on Bond Retirement of 7,000 O Debit to Bonds Payable of $197,000 O Debit to Discount on Bonds Payable of $3,000 O Credit to Cash of $206,000