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Bonds Payable has a balance of $1,040,000 and Discount on Bonds Payable has a balance of $10,400. If the issuing corporation redeems the bonds at

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Bonds Payable has a balance of $1,040,000 and Discount on Bonds Payable has a balance of $10,400. If the issuing corporation redeems the bonds at 97.5 , what is the amount of gain or loss on redemption? a. $15,600 gain b. $10,400 gain c. $15,600loss d. $10,400 loss

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