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Bonds Payable has a balance of $918,000 and Premium on Bonds Payable has a balance of $10,098. If the issuing corporation redeems the bonds at

  1. Bonds Payable has a balance of $918,000 and Premium on Bonds Payable has a balance of $10,098. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption?

    Select the correct answer.

    $10,098 loss

    $8,262 loss

    $8,262 gain

    $10,098 gain

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