9. The Viper retires a $49.5 million bond issue when the carrying value of the bonds is $53.7 million, but the market value of the bonds is $47.3 million. The entry to record the retirement will include:

• A credit of $6.4 million to a gain account.

• A credit to cash for $53.7 million.

• A debit of $6.4 million to a loss account.

• No gain or loss on retirement.