A company wants to extinguish a $500,000 face value bond with a carrying value of $556,000. The call price on this bond is $600,000. The stated rate was 10% and market rate was 8%. The journal entry to record the extinguishment on the bond will include... O A. Dr. Premium on Bond Payable 56,000 O B.Cr. Premium on Bond Payable 44,000 O C. Dr. Loss on extinguishment 56,000 O D.Cr. Bonds Payable 600,000