A Franchise wants to improve its Debt to Equity ratio, so it decides to retire a $24 million bond issue. At the time of retirement, the market value of the bonds was $33 million and the carrying value of the bonds is $32 million. Which of the following would be included in the journal entry to record the retirement of the bonds?

• A debit of $1 million to a loss account.

• A credit of $1 million to a gain account.

• No gain or loss on retirement.

• A credit to cash for $32 million.