2) Zambrano Corp. decided to go into the market to repurchase bonds before their due date. The following are the balances of the accounts on the date of the retirement: Bonds Payable S5,000,000 Bond Discount $30,000 Unamortized Bond Issue Cost $49,000 Cash Paid for Bonds $4,898,000 What is the gain or loss on the early extinguishment of the bonds? A) $83,000 loss B) $79,000 loss C) $23,000 gain D) No gain or loss is recognized