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Bonds Payable has a balance of $846,000 and Premium on Bonds Payable has a balance of $9,306. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $846,000 and Premium on Bonds Payable has a balance of $9,306. If the issuing corporation redeems the bonds at $862,920, what is the amount of gain or loss on redemption? Select the correct answer.

$9,306 loss

$7,614 loss

$9,306 gain

$7,614 gain

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