Exercise 9-16A Record the early retirement of bonds issued at a discount (L09-6) [The following information applies to the questions displayed below] On January 1, 2021, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 9% and the bonds issued at $367422 Exercise 9-16A Part 2 2. If the market interest rate drops to 6% on December 31, 2022. it will cost $471.507 to retire the bonds. Record the retirement of the bonds on December 31, 2022 (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. Date Debit Credit December 31, 2002