Godwin Corporation retires its bonds at 105 on January 1, after the payment of interest. The face value of the bonds is $650,000. The carrying value of the bonds at retirement is $674,500. The entry to record the retirement will include a On credit of 58,000 to Gain on Retirement of Bonds. O B. debit of 532,500 to Premium on Bonds Payable O Ccredit of $8.000 to Loss on Retirement of Bonds OD. dobit of $24.500 to Premium on Bonds Payable