Required information [The following information applies to the questions displayed below.] On January 1,2024 , Splash City issues $490,000 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 $450,092. 2. If the market interest rate drops to 6% on December 31,2025 , it will cost $577,597 to retire the bonds. Record the retirement of the bonds on December 31, 2025. (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.)