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Bonds Payable has a balance of $829,000 and Discount on Bonds Payable has a balance of $9,948. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $829,000 and Discount on Bonds Payable has a balance of $9,948. If the issuing corporation redeems the bonds at 98, what is the amount of gain or loss on redemption?

a.$9,948 loss

b.$6,632 loss

c.$6,632 gain

d.$9,948 gain

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