Required information [The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $310,000 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 $276,900. Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $278,550 on December 31, 2022. (Round Interest expense to nearest whole dollar.) Interest Increase in Carrying Date Cash Paid Expense Carrying Value Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Required information [The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $310,000 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 $276,900. 2. If the market interest rate drops to 6% on December 31, 2022, it will cost $310,000 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 first account field. 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 credits. Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general journal