Please explain part two in detail!

On January 1, 2021, White Water issues $550,000 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 7% and the bonds issued at $600,578.

Exercise 9-17A Part 1

Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $594,160 on December 31, 2023

On January 1, 2021, White Water issues $580,000 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 7% and the bonds issued at $633,337.

Exercise 9-17A Part 2

2. If the market interest rate increases to 9% on December 31, 2023, it will cost $537,963 to retire the bonds. Record the retirement of the bonds on December 31, 2023.