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Bonds Payable has a balance of $1,076,000 and Discount on Bonds Payable has a balance of $12,912. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $1,076,000 and Discount on Bonds Payable has a balance of $12,912. If the issuing corporation redeems the bonds at 98, what is the amount of gain or loss on redemption? Select the correct answer. $8,608 loss $12,912 gain $12,912 loss O $8,608 gain Next>

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