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Question(s) / Instruction(s):

A $300,000 bond was redeemed at 98 when the carrying value of the bond was $295,000. The entry to record the redemption would include a a. loss on bond redemption of $5,000. b. gain on bond redemption of $5,000. c. gain on bond redemption of $1,000. d. loss on bond redemption of $1,000.

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