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Bonds Payable has a balance of $860,000 and Discount on Bonds Payable has a balance of $10,320. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $860,000 and Discount on Bonds Payable has a balance of $10,320. If the issuing corporation redeems the bonds at 98, what is the amount of gain or loss on redemption?

a. $6,880 loss

b. $10,320 gain

c. $6,880 gain

d. $10,320 loss

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