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 $420,000 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 $472,716. Exercise 9-20 (Algo) Part 2 2. If the market interest rate increases to 7% on December 31,2026 , it will cost $378,629 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.)