On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 6% and the bonds issued at $547,938. Exercise 9-17A Part 1 Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $538,805 on December 31, 2023. (Round your interest expense to the nearest whole dollar.) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 On January 1, 2021, White Water issues $510,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 6% and the bonds issued at $547,938. Exercise 9-17A Part 2 2. If the market interest rate increases to 8% on December 31, 2023, it will cost $483,064 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.)