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Bonds Payable has a balance of $1,200,000 and Premium on Bonds Payable has a balance of $18,750. If the issuing corporation redeems the bonds at

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Bonds Payable has a balance of $1,200,000 and Premium on Bonds Payable has a balance of $18,750. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption? Multiple Choice $42,750 gain $5,250 loss O $42,750 loss $5,250 gain O

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