The Viper retires a $49.4 million bond issue when the carrying value of the bonds is $53.1 million, but the market value of the bonds is $46.5 million. The entry to record the retirement will include: Multiple Choice A debit of $6.6 million to a loss account. No gain or loss on retirement. A credit to cash for $53.1 million. A credit of $6.6 million to a gain account.
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