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Bonds payable has a balance of $900,000 and premium on bonds payable has a balance of $20,000. If the issuing corporation redeems the bonds at

Bonds payable has a balance of $900,000 and premium on bonds payable has a balance of $20,000. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption.

-$2,000 Gain

-$18,000 Loss

-$20,000 Gain

-$20,000 Loss

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