company's Bonds Payable has a balance of $1,000,000 and Discount on Bonds Payable has a balance of $12,500. If the issuing corporation retires the bonds at a market price of 98, what is the amount of gain or loss on retirement? Answer A. $ 7,500 loss B. $ 7,500 gain C. $32,500 loss D. $32,500 gain