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7. Bonds Payable has a balance of $5,000,000, and Dis- count on Bonds Payable has a balance of $150,000. If the issuing corporation redeems

7. Bonds Payable has a balance of $5,000,000, and Dis- count on Bonds Payable has a balance of $150,000. If the issuing corporation redeems the bonds at 98, is there a gain or loss on the bond redemption? 8 What in

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