Bonds Payable has a balance of $1,000,000, and Discount on Bonds Payable has a balance of $15,500. If the issuing corporation redeems the bonds at 98.5, what is the amount of gain or loss on redemption?
A) $500 loss
B) $15,500 loss
C) $15,500 gain
D) $500 gain

Question

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The Answer of Bonds Payable has a balance of $1,000,000, and Discount on Bonds Payable has a balance of $15,500. If the issuing corporation redeems the bonds at 98.5, what is the amount of gain or loss on redemption?
A) $500 loss
B) $15,500 loss
C) $15,500 gain
D) $500 gain

Bonds Payable Has a Balance of $1,000,000, and Discount on Bonds