How to record adjusting entry for bond retired before maturity?

Due to favourable market conditions, SI decided to retire bonds in advance of their

maturity date. Bonds with a face value of $5,000,000 were retired at 98% on

October 31, 2020. The bonds paid 7% interest every December 31 and had been

issued eight years earlier at par value.

Please provide step-by-step explaiantion.