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Question
Bonds Payable has a balance of $1,000,000 and Premium on Bonds Payable has a balance of $7,000. If the issuing corporation redeems the bonds at 101, what is the amount of gain or loss on redemption?
a. $3,000 loss
b. $3,000 gain
c. $7,000 loss
d. $7,000 gain
Answer
This answer is hidden. It contains 1 characters.
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