Record the retirement of bonds (LO9-7) [The following information applies to the questions displayed below.] On January 1, 2018, Splash City issues $500,000 of 9% 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 10% and the bonds issued at $457, 102. Required: Using an amortization schedule, show that the bonds have a carrying value of $458, 633 on December 31, 2019. If the market interest rate drops to 7% on December 31, 2019, it will cost $601, 452 to retire the bonds. Record the retirement of the bonds on December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to the nearest whole dollar amount.)