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On January 1, 2024, White Water issues $470,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31

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On January 1, 2024, White Water issues $470,000 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 $504,962. Exercise 9-20 (Algo) Part 2 2. If the market interest rate increases to 8% on December 31,2026 , it will cost $445,177 to retire the bonds. Record the retirement of the bonds on December 31, 2026. (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

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