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.
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