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Bonds Payable has a balance of $1,125,000 and Discount on Bonds Payable has a balance of $11,250. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $1,125,000 and Discount on Bonds Payable has a balance of $11,250. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption?

a.$16,875 gain

b.$11,250 loss

c.$16,875 loss

d.$11,250 gain

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