2. If the market interest rate increases to 7% on December 31, 2026, it will cost $405,673 to retire the bonds. Record the retirement of the bonds on December 31, 2026. (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.) No On January 1, 2024, White Water issues $450,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 5% and the bonds issued at $506,481. 1 Date December 31, 202 Bonds Payable Answer is not complete. General Journal Premium on Bonds Payable Gain Cash Debit 450,000 Credit 100,808