On July 1, 2025, Michigan Company has bonds with balances as shown below. Bonds Payable 67,000 Premium on Bonds Payable 4.000 If the company retires the bonds for $67,150, what will be the effect on the income statement? O A. gain on retirement of $3,850 OB. loss on retirement of $4,150 OC. loss on retirement of $3,850 OD. gain on retirement of $4,150