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Genesis Reported That Bonds with a Face Value of $100,000

Question 1

Multiple Choice

Genesis reported that bonds with a face value of $100,000 and a carrying value of$67,000 are retired for $60,000 cash, resulting in a loss of $7,000. The amount to be reported in the financing section is:


A) $57,000.
B) $3,000) .
C) $58,000.
D) $60,000.
E) This item is not reported.

Correct Answer:

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