Parent owns 70% of subsidiary. Subsidiary has bonds payable to third parties with a book value of $6,000,000., net of unamortized premium. In 2020, parent decides to purchase all outstanding bonds from third parties for $5,600,000. What result is reported in the 2020 consolidated financial statements.

	a.	Consolidated loss on "retirement" of bonds of $400,000
	b.	Consolidated gain on retirement of bonds of $280,000
	c.	Consolidated loss on retirement of bonds of $280,000
	d.	Consolidated gain on retirement of bonds of $400,000
	e.	No gain or loss is reported in the consolidated totals