Required information [The following information applies to the questions displayed below.] On January 1,2024 , Splash City issues $330,000 of 7% bonds, due in 10 years, with interest payable semlannually on June 30 and December 31 each year. The matket interest rate on the issue date is 8% and the bonds issued at $307,576. Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $310,774 on December 31,2025 . (Round your final answers to nearest whole dollar.) Required information [The following information applies to the questions displayed below] On January 1,2024 , Splash City issues $330,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $307,576. 2. If the market interest rate drops to 5% on December 31,2025 , it will cost $373,082 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.) Journal entry worksheet