Required information

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

On January $1,2024,$ White Water issues $$590,000$ of $8\%$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year. The market interest rate on the issue date is $7\%$ and the bonds issued at $$652,997.$

$2.$ If the market interest rate increases to $9\%$ on December $31,2026,$ it will cost $$539,122$ 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

$1$

Record the retirement of the bonds

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,2026,,,]]$