A corporation issues $85,000, 8%, 5-year bonds on January 1, for $88,830. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, determine the amount of bond interest expense to be recognized on July 1. Select the correct answer. O$3,783 O$3,400 O$3,017 O$6,800 Bonds Payable has a balance of $983,000 and Discount on Bonds Payable has a balance of $11,796. If the issuing corporation redeems the bonds at 98, what is the amount of gain or loss on redemption? Select the correct answer. O $11,796 gain O $11,796 loss O$7,864 gain O $7,864 loss Bonds Payable has a balance of $906,000 and Premium on Bonds Payable has a balance of $9,966. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption? Select the correct answer. O $8,154 loss O$9,966 loss O $8,154 gain O$9,966 gain