Question 11 4 pts Terry, Inc., has outstanding a $1,000,000,8%, 10-year bond issue which was sold on January 1, 20x1, at a price of $1,110,000. The following liability appeared on the balance sheet dated December 31, 20x5 LONG-TERM DEBT: Bonds payable $1,000,000 Premium $ 55,000 Terry, Inc., retired half of the outstanding bonds in the open market for 98 % on January 1, 20x6. Record the journal entry for the early retirement of the bonds: Debit 'Bonds Payable" [ Choose Debit [Choose Credit Cash [ Choose Credit [Choose