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Bonds Payable has a balance of $880,000 and Premium on Bonds Payable has a balance of $9,680. If the issuing corporation redeems the bonds at

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Bonds Payable has a balance of $880,000 and Premium on Bonds Payable has a balance of $9,680. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption? Select the correct answer 59,680 loss $7,920 gain * 57,920 loss $9,680 gain

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