Elston Company issued $$480,000$ of $11\%,20-$year bonds at $109$ on January $1$ of Year $1.$ Interest is payable semiannually on July $1$ and January $1.$ Through January $1$ of Year $7,$ Elston amortized $$5,000$ of the bond premium. On January $1$ of Year $7,$ 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 $1$ of Year $7$