Early Retirement of Bonds Elston Company issued $430,000 of 11%, 20-year bonds at 109 on January 1, 2010. Interest is payable semiannually on July 1 and January 1. Through January 1, 2016, Elston amortized $5,000 of the bond premium. On January 1, 2016, Elston retired the bonds at 103 (after making the interest payment on that date). Prepare the journal entry to record the bond retirement on January 1, 2016. Date Jan.1 Bonds Payable Cash General Journal Description To retire bonds and record gain on bond retirement. Debit Credit $ $