Al-Quds Corporation retires its bonds at 105 on January 1, after the payment of interest. The face value of the bonds is $560,000. The carrying value of the bonds at retirement is $579,500. The entry to record the retirement will include a: Select one: a. debit of $28,000 to Premium on Bonds Payable. b. credit of $8,500 to Loss on Retirement of Bonds. c. credit of $8,500 to Gain on Retirement of Bonds. d. debit of $19,500 to Premium on Bonds Payable.

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