The Viper retires a $50.4 million bond issue when the carrying value of the bonds is $53.5 million, but the market value of the bonds is $46.6 million. The entry to record the retirement will include:

a. no gain or loss on retirement

b. a debit of $6.9 million to a loss account

c. a credit to cash for $53.5 million

d. a credit of $6.9 million to a gain account