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Bonds Payable has a balance of $946,000 and Premium on Bonds Payable has a balance of $10,406. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $946,000 and Premium on Bonds Payable has a balance of $10,406. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption?

a.$17,974 loss

b.$10,406 gain

c.$10,406 loss

d.$974,380 gain

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