Required information [The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $410,000 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 $366,222. 2. If the market interest rate drops to 5% on December 31,2022 , it will cost $458,290 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.)