Flyer Co. pays off $220,000 of 5% bonds on the maturity date. The bonds were originally issued for a $2,000 premium. Assuming interest was already paid, the journal entry to record the payment at maturity will include:

• A. a debit to Bonds Payable for $202,000 and a credit to Cash for $202,000.
• B. a debit to Bonds Payable for $220,000 and a credit to Cash for $220,000.
• C. a debit to Bonds Payable for $200,000, a debit to Premium on Bonds Payable for $2,000, and a credit to Cash for $202,000.
• D. a debit to Cash for $220,000 and a credit to Bonds Payable for $220,000