Required information [The following information applies to the questions displayed below.] On January 1,2024 , White Water issues $550,000 of 8% bonds, due in 15 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 $600,578. 2. If the market interest rate increases to 9% on December 31,2026 , it will cost $510,137 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.)