On March 21, 2025, the bond accounts of Nolen Services showed the following balances: Bonds Payable $70,000 credit balance Premium on Bonds Payable 3,100 credit balance The bonds were retired early for $68,300. What is the journal entry to record the retirement of the bonds? ercise in Me O A. Bonds Payable Premium on Bonds Payable Gain on Retirement of Bonds Payable Cash 70,000 3,100 4,800 68,300 minute exerc B. Cash Loss on Retirement of Bonds Payable Premium on Bonds Payable Bonds Payable 68,300 3,100 1,400 70,000 OC. Cash Premium on Bonds Payable Gain on Retirement of Bonds Payable Bonds Payable 68,300 3,100 1,400 70,000 OD. Bonds Payable Loss on Retirement of Bonds Payable Premium on Bonds Payable Cash 70,000 1,400 3,100 68,300