Classic street segment about O

[ISNorden]

Does anybody else have a clearer memory of this 70s segment?

Several cast members are comparing circular objects to the letter O, after which each object is ruined in some way. I forget who the human characters were, but Oscar was one of the Muppets appearing in this sketch.

A donut which one character begins eating: "O...O with a bite in it." (Wait, wouldn't a certain fuzzy blue guy call that a C? )

Some metal object (my memory fails here): "O...O with a dent in it."

An inner tube which begins losing air: "O...O with a leak in it."

If you caught the details I missed, or see a mistake in what I described--please speak up.