On January 1, 2024, Splash City issues $350,000 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 $321,494. 2. If the market interest rate drops to 7% on December 31,2025 , it will cost $379,558 to retire the bonds. Record the retirement of the onds 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.) Journal entry worksheet