On 1/1/22, S issued $400,000 of 8% bonds for $350,827, a 10% yield. Interest is payable January 1 of each year. S uses the effective interest method. On 12/31/22, P purchased $300,000 of the outstanding S bonds for $279,000 plus accrued interest. The 12/31/22 elimination entry will include a a) loss on retirement of bonds of $55,568. c) loss on retirement of bonds of $13,568. b) gain on retirement of bonds of $21,000. d) gain on retirement of bonds of $13,568. On 1/1/22, S issued $400,000 of 8% bonds for $350,827, a 10% yield. Interest is payable January 1 of each year. S uses the effective interest method. On 12/31/22, P purchased $300,000 of the outstanding S bonds for $279,000 plus accrued interest. The 12/31/22 elimination entry will include a a) loss on retirement of bonds of $55,568. c) loss on retirement of bonds of $13,568. b) gain on retirement of bonds of $21,000. d) gain on retirement of bonds of $13,568.