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A $287,000 bond was redeemed at 98 when the carrying amount of the bond was $282,695. What amount of gain or loss would be recorded

A $287,000 bond was redeemed at 98 when the carrying amount of the bond was $282,695. What amount of gain or loss would be recorded as part of this transaction?

Select the correct answer.

gain on bond redemption of $5,740.

loss on bond redemption of $4,305.

loss on bond redemption of $1,435.

gain on bond redemption of $1,435.

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