. Bianca Capital issued 500, $1,000 convertible bonds at 103. Each bond will be converted to 10 common shares. After issuance, similar bonds were sold at 97, and the shares had a fair value of $2.50. Bianca paid $530,000 in cash to the bondholders to retire the bonds early. On retirement date, the bonds had a carrying value of $489,100 and fair value of $492,370. Bianca is following ASPE and using the book value method. Required: Record the retirement of bonds