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Bonds Payable has a balance of $858,000 and Premium on Bonds Payable has a balance of $9,438. If the issuing corporation redeems the bonds at

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Bonds Payable has a balance of $858,000 and Premium on Bonds Payable has a balance of $9,438. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption? Select the correct answer. $9,438 loss $7,722 gain $9,438 gain $7,722 loss

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