Chestnut Inc. is authorized to issue 5,000,000 shares of $10 par common stock. 500,000 shares of stock were originally sold for $25 per share. The stock is currently selling for $20 per share and Chestnut has decided to repurchase 12,000 shares of stock. When Chestnut repurchases their own stock, how much gain or loss will the company recognize on its income statement? A. $ 60,000 loss B. $180,000 gain C. $-0- D. $ 60,000 gain