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A $278,000 bond was redeemed at 98 when the carrying value of the bond was $271,050. The entry to record the redemption would include a

A $278,000 bond was redeemed at 98 when the carrying value of the bond was $271,050. The entry to record the redemption would include a

loss on bond redemption of $6,950.

loss on bond redemption of $1,390.

gain on bond redemption of $1,390.

gain on bond redemption of $5,560.

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