Make the closing entry for December 31, 2016 (Assume the straight-line method is being used) On January 1, 2014, Soprano Corp. issued $1,000.000, 10%, 10-year bonds at 95. Soprano recorded the annual payment of interest and straight-line amortization of the discount each December 31^st. On January 1, 2017 Soprano retired the bonds recalling them at 104. REQUIRED: Prepare the journal entry for the retirement of the bonds on January 1, 2017