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  3. 9. z company retires a $70 million bond issue when

9. Z company retires a $70 million bond issue when the carrying value of the...

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Accounting

9. Z company retires a $70 million bond issue when the carrying value of the bonds is $65 million, but the market value of the bonds is $74 million. Z company will record the retirement as:

A) A debit of $9 million to Loss due to early extinguishment.

B) A credit of $9 million to Gain due to early extinguishment.

C) No gain or loss on retirement.

D) A debit to Cash for $74 million.

please go into detail on how you got the answer

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