Because interest rates have fallen, a company retires bonds which had been issued at theif face value of $330,000. The company bought the bonda back at 96.25. The journal entry to record this retirement includes a debit of. Multiple Choice $317,625 to Bonds Payable, a deble to Galn on Bond Retrement of $12,375 and a cred of $330,00010 Cainh. $330,000 to Bonds Payable, a credit of $12,375 to Gain on Bond Retirement, and a credt ol $37,625 ta Casi. $317,625 to Bonds Payzble and a credt of $37,625 to Cash. $330,000 to Bonds Payable, a credt of $12,375 to interest Expense, and a crect o1 $37,625 to Cash.