ORZ, Inc.retires a $45 million bond issue when the carrying value of the bonds is $43 million, but the market value of the bonds is $46 million. The entry to record the retirement will include:

a. A credit of $2 million to Gain on Bond Retirement b. A debit of $1 million to Loss on Bond Retirement c. A credit of $1 million to Gain on Bond Retirement d. No gain or loss on retirement e. A debit of $3 million to Loss on Bond Retirement