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(True or false) If $500,000, 5%, 10 year bonds with a carrying value of $476,000...

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Accounting

(True or false)

If $500,000, 5%, 10 year bonds with a carrying value of $476,000 are redeemed at 97, a loss on redemption will be recorded.

I know the answer is true but I am not sure how to figure that out.

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