Please help

Required Information [The following information applies to the questions displayed below] On January 1, 2024, Splash City issues $480,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each yeat. The market interest rate on the issue date is 8% and the bonds issued at $447,383. 2. If the market interest rate drops to 7% on December 31,2025 , it will cost $480,000 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.)