Butler, Inc. paid $75,000 to retire a note with a face value of $83,000. The note was issued with an 8% coupon rate paid semiannually. The note was three years from maturity and had a net book value of $68,200. What is the net gain or loss on the redemption of the note?

Select one:

A. $6,800 loss

B. $8,000 gain

C. $8,000 loss

D. $6,800 gain

E. None of the above