BackBay, Inc. retires bonds at 103. The bonds had been issued at their face value of $880,000. The journal entry to record this retirement includes a: Multiple Choice debit of $906,400 to Bonds Payable, a credit of $26,400 to Loss on Bond Retirement, and a credit of $880,000 to Cash. debit of $880,000 to Bonds Payable, a debit of $26,400 to Gain on Bond Retirement, and Cash. credit of $906,400 to debit of $906,400 to Bonds Payable and a credit of $906,400 to Cash. debit of $880,000 to Bonds Payable, a debit of $26,400 to Loss on Bond Retirement, and a credit of $906,400 to