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1. At December 31, 2020 the following balances existed on the books of JS Corporation: Bonds Payable $7,000,000 Discount on Bonds Payable 965,000 Interest Payable

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1. At December 31, 2020 the following balances existed on the books of JS Corporation: Bonds Payable $7,000,000 Discount on Bonds Payable 965,000 Interest Payable 168,000 If the bonds are retired on January 1, 2021, at 101, what will JS report as a loss on redemption? a. $707,000 b. $985,000 C. $1,035,000 d. $1,118,000

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