Eaton company issued $600,000 of eight percent, 20‑year bonds at 106 on january 1, 2013. interest is payable semiannually on july 1 and january 1. through january 1, 2019, eaton amortized $5,000 of the bond premium. on january 1, 2019, eaton retired the bonds at 103 (after making the interest payment on that date). prepare the journal entry to record the bond retirement on january 1, 2019.

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.