Clabber Company has bonds outstanding with a par value of $112,000 and a carrying value of $104,500. If the company calls these bonds at a price of $101,000, the gain or loss on retirement is:
A. $7500 loss.
B. $3500 loss.
C. $3500 gain.
D. $7500 gain.
E. $11,000 loss.
Answer: C
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