T&P pays $45,000 cash to redeem a bond payable with a carrying value of $40,000. T&P will record a: O $45,000 loss. O $45,000 gain. O $5,000 loss. $5,000 gain.

T\&P pays $45,000 cash to redeem a bond payable with a carrying value of $40,000. T\&P will record a: $45,000 loss. $45,000 gain. $5,000 loss. $5,000 gain