7. [The following information applies to the questions displayed below.) On January 1, 2021, White Water issues $600,000 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 6% and the bonds Issued at $644,632 of 2 Book H Pr ferences Exercise 9-17A Part 2 2. If the market interest rate increases to 8% on December 31, 2023, it will cost $568,311 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate calculations to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the retirement of the bonds. Note: Enter detats before credits. Date General Journal Debit Credit December 31, 2023 Premium on Bonds Payable Cash < Prev 84 of 5 Next >