Early Retirement of Bonds Elston Company issued $440,000 of 114, 20-year bonds at 105 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 band retirement on January 1, 2016, General Journal Description Debit Credit Date Jan 1 Bonds Payable 05 0 0 0 Cash To retire bonds and record gain on bond retirement