On January 1, 2024, Splash City issues $470,000 of 7% 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 8% and the bonds issued at $423,487. Check m 2. If the market interest rate drops to 5% on December 31, 2025, it will cost $580,714 to retire the bonds. Record the retirement of the ponds 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.) View transaction list Journal entry worksheet > 1 Record the retirement of the bonds. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit >