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Required information [The following information applies to the questions displayed below) On January 1, 2021. Splash City issues $340,000 of 6% bonds, due in 20

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Required information [The following information applies to the questions displayed below) On January 1, 2021. Splash City issues $340,000 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 $303,696. 2. If the market interest rate drops to 6% on December 31, 2022, it will cost $340,000 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 flest account fleld, Round your intermediate calculations to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 > Record the retirement of the bonds. Note: Enter debits before crediti. Date General Journal Debit Credit 340.000 December 31, 2022 Donds Payable Loss Discount on Bonds Payable Record entry Clear entry View general journal

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