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Bonds Payable has a balance of $976,000 and Discount on Bonds Payable has a balance of $9,760. If the issuing corporation redeems the bonds at

Bonds Payable has a balance of $976,000 and Discount on Bonds Payable has a balance of $9,760. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption?

a.$14,640 loss

b.$9,760 loss

c.$9,760 gain

d.$14,640 gain

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