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Destin Co. issued $250,000, 9%, 10 year bonds on January 1, 2015. On December 31,...

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Accounting

Destin Co. issued $250,000, 9%, 10 year bonds on January 1, 2015. On December 31, 2016 (after the periodic interest payment was made), the unamortized discount is $642. On January 1, 2017, Destin retires one-half of these bonds on the open market at 101 . The journal entry to record the sale of this retirement of debt would include:

A. a debit to Discount on Bonds Payable of $321

B. a debit to Loss on Retirement of Bond of $2,196

C. a credit to Discount on Bonds Payable of $624

D. a debit to Loss on Retirement of Bond of $624

E. a credit to Gain on Retirement of Bond of $2,196

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