A county engages in an in$-$substance defeasance of its bonds. The transaction results in an economic gain but an accounting loss. In its gorternment$-$wide statements the county should

a$.$ Recognize the loss entirely in the year of the defeasance

b$.$ Amortize the loss over the remaining life of either the existing debt or the new debt

c$.$ Report the loss as a direct charge to net position

d$.$ Not recognize the loss, but instead continue to report the defeased bonds $($as well as the new bonds$)$ as liabilities