When paraphrasing or summarizing, it is not necessary to give credit to the original

the answer is false not true.

For recording the bond retirement we debited the bonds payable, loss on bonds retirement and discount on bonds payable and credited the cash.

Explanation:

Bonds payable Dr,                       $250,000  

Loss on bonds retirement Dr,$7,000  

Discount on bonds payable Dr,$2,000

         To Cash                                           $255,000

(Being redemption of bonds is recorded)  

Working  Note:-

Issue price of bonds

($250,000 × 100 × 98)      $245,000

Face value                     $250,000

Discount on bonds     $5,000

Discount amortized      $3,000

Unamortized Discount     $2,000

Redemption price

($250,000 ÷ 100 × 102)     $255,000