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  3. the big co. issued $100,000 of bonds for their fac

The Big Co. issued $100,000 of bonds for their face value six years ago. This...

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Accounting

The Big Co. issued $100,000 of bonds for their face value six years ago. This year, it retires the bonds for $105,000. As a result of retiring these bonds, it:

reports a gain of $5,000.

reduces its liabilities by $105,000.

reduces its assets by $100,000.

reports a loss of $5,000.

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