QUESTION 16 Hi Corporation repurchases its own bonds in the open market by paying $7.25 million for bonds with a face value of $10.0 million and a carrying amount of $9.15 million. What will be the effect of this transaction on the company's financial statements? O a. A gain of $1,900,000 on the income statement Ob. A gain of $2,750,000 on the income statement Oc An increase of $1,900,000 in other comprehensive income. Od. An increase of $2,750,000 in other comprehensive income