The Viper retires a $49.9 million bond issue when carrying value of the bonds is $53.7 million, but the market value of the bonds is $47.9 million. The entry to record the retirement will include:

a. a debit of $5.8 million to a loss account

b. a credit of $5.8 million to a gain account

c. a credit to cash for $53.7 million

d. no gain or loss on retirement