Crane Company retires its $560000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $580972. The entry to record the redemption will include a

a)debit of $20972 to Premium on Bonds Payable.

b)credit of $20972 to Loss on Bond Redemption.

c)debit of $28000 to Premium on Bonds Payable.

d)credit of $7028 to Gain on Bond Redemption.