On January 1, 2021, White Water issues $480,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 5% and the bonds issued at $540,247. If the market interest rate increases to 7% on December 31, 2023, it will cost $432,718 to retire the bonds. Record the retirement of e bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in he first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 > Record the retirement of the bonds Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2023 Bonds Payable 480,000 Premium on Bonds Payable Cash