Required information The following information applies to the questions displayed below) On January 1 2021. Splash City issues $380,000 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 9% and the bonds issued at $349.051 Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $351 221 on December 31, 2022. (Round Interest expense to nearest whole dollar.) Date Cast Paid W est Expense Increase in Carrying Value Carrying Value 011012021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 2. If the market interest rate drops to 7% on December 31 2022, it will cost $412,092 to retire the bonds. Record the retirement of the bonds on December 31 2022 0f 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 Record the retirement of the bonds Note Enter debits before credits General Journal Date December 31 2022 Debit Credit F