BackBay, Inc. retires bonds at 102. The bonds had been issued at their face value of $310,000. The journal entry to record this retirement includes a: Multiple Choice debit of $310,000 to Bonds Payable, a debit of $6,200 to Loss on Bond Retirement, and a credit of $316,200 to Cash. debit of $316,200 to Bonds Payable, a credit of $6,200 to Loss on Bond Retirement, and a credit of $310,000 to Cash. debit of $316,200 to Bonds Payable and a credit of $316,200 to Cash. debit of $316,200 to Bonds Payable, a credit to Gain on Bond Retirement of $6,200 and a credit of $310,000 to Cash. debit of $310,000 to Bonds Payable, a debit of $6,200 to Gain on Bond Retirement, and a credit of $316,200 to Cash