Required information [The following information applies to the questions displayed below.] On January 1,2024 , Splash City issues $450,000 of 7% bonds, due in 10 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 $419,422. f the market interest rate drops to 7% on December 31,2025 , it will cost $450,000 to retire the bonds. Record the retirement of the nds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the it account field. Round your final answers to the nearest whole dollar.) Journal entry worksheet INULe. cilti uevis Derure cieuis