Requirea 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 year. 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 reti 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.) View transaction list Journal entry worksheet 1 Record the retirement of the bonds. Note: Enter debits before credits. Date General Journal December 31, 2025 Bonds Payable Loss Discount on Bonds Payable Cash Debit 480,000 Credit

requirea inrormation 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 year. 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 retit 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.) Journal entry worksheet Record the retirement of the bonds. Note: Enter debits before credits