Exercise 9-16A Record the early retirement of bonds issued at a discount (LO9-6) (The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $320,000 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 $293,938. Exercise 9-16A Part 2 2. If the market interest rate drops to 7% on December 31, 2022, it will cost $347,025 to retire the bonds. Record the retirement of the ponds 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.) X Answer is not complete. No Date General Journal Debit Credit 1 December 31, 202 Bonds Payable 320,000 Loss 27,025 x Cash 347,025