On January 1, 2015, Illini Company sold three-year $1 million 12% bonds for $1,024,978 to yield 11%. The interests are payable semiannually on June 30 and December 31, starting 6/30/15. The amortization schedule is as follows. $1,024,978 60000 $56,374 $3,626 $1,021,351 60000 $56,174 $3,826 $1,017,526 60000 $55,964 $4,036 $1,013,490 60000 $55,742 $4,258 $1,009,232 60000 $55,508 $4,492 $1,004,739 60000 $55,261 $4,739 $1,000,000Due to financial and operations problems, although Illini made the $120,000 interest payment on 12/31/15, it expected that it would not be able to make the required future interest payments and therefore restructured the debt with its debt holders. Suppose the new terms required an interest payment of $20,000 on the remaining interest payment dates plus the $2 million face amount at maturity. Please answer the following question. How much gain/loss did Illini record on 12/31/15? A. A loss of $350,515 B. A gain of $350,515 C. A gain of $400,000 D. No gain/loss