Required Information [The following information applies to the questions displayed below) On January 1, 2021. Splash City issues $350,000 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 $321.494. Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $323.493 on December 31, 2022 (Round Interest expense to nearest whole dollar) Date Cash Paid Inforest Expense Increase in Carrying Value Carrying Value 01/01/2021 00/30/2021 12/31/2021 06/30/2022 1231/2022 Required Information (The following information applies to the questions displayed below] On January 1, 2021. Splash City Issues $350,000 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 $321,494. 2. If the market interest rate drops to 7% on December 31, 2022, it will cost $379,558 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 fleid. Round your Intermediate calculations to the nearest whole dollar amount.) View transaction list Journal entry worksheet