! Required Information [The following information applies to the questions displayed below] On January 1, 2021, Splash City issues $440,000 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 7% and the bonds issued at $393,019. 2. If the market Interest rate drops to 5% on December 31, 2022, it will cost $491,824 to retire the bonds Record the retirement of the bonds on December 31, 2022. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your Intermediate calculations to the nearest whole dollar amount) View transaction et Journal entry worksheet 1 Record the retirement of the bonds. Note Enter debit before credits Debit Credit General Journal Date December 31 2022 Clear entry View general Journal Becord entry