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 $580,000. The entry to record the retirement will include a: Select one: a. credit of $8,000 to Loss on Retirement of Bonds. b. debit of $20,000 to Premium on Bonds Payable. c. debit of $28,000 to Premium on Bonds Payable. d. credit of $2,000 to Gain on Retirement of Bonds.

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