03 ABC Company retires a $49.4 million bond issue when the carrying value of the bonds is $52.9 million, but the market value of the bonds is $47.2 million. The entry to record the retirement will include: Multiple Choice No gain or loss on retirement A debit of $5.7 million to a loss account. A credit of $5.7 million to a gain account. A credit to cash for $52.9 million. 67