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Bonds Payable has a balance of $925,000 and Discount on Bonds Payable has a balance of $9,250. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $925,000 and Discount on Bonds Payable has a balance of $9,250. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption?

a. $9,250 gain

b. $13,875 loss

c. $9,250 loss

d. $13,875 gain

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