On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 9% and the bonds issued at $293,938. 2. If the market interest rate drops to 7% on December 31, 2025, it will cost $347,025 to retire the bonds. Record the retirement of the bonds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Answer is complete but not entirely correct. 1 No Date December 31, 202 Bonds Payable Loss General Journal Discount on Bonds Payable Cash Debit Credit 320,000 51,259 24,234 X 347,025