$!$

Required information

Exercise $9-19($Algo$)$ Record the early retirement of bonds issued at a discount $($LO$9-6)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Splasl City issues $$470,000$ of $7\%$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year. The market interest rate on the issue date is $8\%$ and the bonds issued at $$423,487.$

Exercise $9-19($Algo$)$ Part $1$