On January 1, 2021, White Water issues $540,000 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 $580,169. If the market interest rate increases to 8% on December 31, 2023, it will cost $511,480 to retire the bonds. Record the retirement of the bonds on December 31, 2023.