Bonds Payable has a balance of $945,000 and Premium on Bonds Payable has a balance of $10,395. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption?
Select the correct answer.
a. $10,395 loss
b. $8,505 loss
c. $8,505 gain
d. $10,395 gain
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