Foxrun Associates Has Outstanding Bonds Payable, with a Par Value

Foxrun Associates has outstanding Bonds Payable, with a par value of $120,000, and carrying value of $116,700.
If Foxrun purchases the bonds in the open market at a price of 97.0 and retires them, which of the following is true?

A) Foxrun Associates will recognize a loss of $3,300.
B) Foxrun Associates will recognize a gain of $3,300.
C) Foxrun Associates will recognize a gain of $300.
D) Foxrun Associates will recognize a loss of $300.