11 art 2 of 2 ints eBook Hint Print References Required information [The following information applies to the questions displayed below.) On January 1, 2024, Splash City issues $390,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $363,499. 2. If the market interest rate drops to 5% on December 31, 2025, it will cost $440,915 to retire the bonds. Record the retirement of the bonds on December 31, 2025. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the retirement of the bonds. Note: Enter debits before credits Date December 31, 2025 Bonds Payable General Journal Debit 390,000 Credit