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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
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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 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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