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Bonds Payable has a balance of $1,116,000 and Discount on Bonds Payable has a balance of $11,160. If the issuing corporation redeems the bonds at
Bonds Payable has a balance of $1,116,000 and Discount on Bonds Payable has a balance of $11,160. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption?
a.$16,740 loss
b.$11,160 gain
c.$11,160 loss
d.$16,740 gain
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