Nair Company issued a $5 million bond at a discount five years ago. The current carrying amount of the bond is $4.75 million. The company now has excess cash and decides to retire the bond. The bond is callable at 101 percent of its face value. Prepare the journal entry to record the retirement of the bond. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.)