Google Inc. repurchased some of its own bonds on 3/31/20 for $9,700,000 in order to retire them before their maturity date. The balance for the bonds retired in the Bonds payable account at March 31, 2020 was $10 million and there remained an (unamortized) balance in the Bond discount account of $450,000 which was accurate as of 3/31/20.

Required: Prepare the journal entry to retire the bonds (16 points).