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QUESTION
Bonds Payable has a balance of $1,000,000, and Discount on Bonds Payable has a balance of $30,000.
Bonds Payable has a balance of $1,000,000, and Discount on Bonds Payable has a balance of $30,000. If the issuing corporation redeems the bonds at $990,000, what is the amount of gain or loss on redemption?
