Required information Exercise 9-20 (Algo) Record the early retirement of bonds issued at a premium (LO9-6) [The following information applies to the questions displayed below.] On January 1, 2024, White Water issues $450,000 of 6% 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 5% and the bonds issued at $506,481. Exercise 9-20 (Algo) Part 1 Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $501,129 on December 31, 2026. (Round your final answers to the nearest whole dollar.) 2. If the market interest rate increases to 7% on December 31,2026 , it will cost $405,673 to retire the bonds. Record the retirement of the bonds on December 31, 2026. (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