Redemption of Bonds OPAL Company issued $650,000 face value bonds at a premium of $10,000. The bonds contain a call provision of 101 . OPAL decides to redeem the bonds due to a significant decline in interest rates. On that date, OPAL had amortized only 54,800 of the premium, Required: 1. Calculate the gain or loss on the early redemption of the bonds. Enter the amount as positive number. Round your answer to the nearest whole dollar: x 2. Calculate the gain or loss on the redemption assuming that the call provision is 93 instead of 101 . Enter the amount as positive number, Round your onswer to the nearest whole doliar. x 3. Select where the gain or loss should be presented on the financial statements: 4. Why is the call price is normally higher than 100 ? Bonds are redeemed early only if it is advantageous to the interest, as well as for The costs and inconvenience involved, the call price is normally set at an amount higher than 100. Feesesk T Crea Mr wor