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Bonds Payable has a balance of $990,000 and Discount on Bonds Payable has a balance of $11,880. If the issuing corporation redeems the bonds at

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Bonds Payable has a balance of $990,000 and Discount on Bonds Payable has a balance of $11,880. If the issuing corporation redeems the bonds at 98, what is the amount of gain or loss on redemption? Select the correct answer. $7,920 gain $11,880 gain O $11,880 loss $7,920 loss

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