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Bonds Payable has a balance of $827,000 and Discount on Bonds Payable has a balance of $8,270. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $827,000 and Discount on Bonds Payable has a balance of $8,270. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption?

a.$8,270 gain

b.$12,405 loss

c.$8,270 loss

d.$12,405 gain

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