Required information The following information applies to the questions displayed below.) On January 1, 2021. White Water issues S470,000 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 6% and the bonds issued at $504,962. 2. If the market interest rate increases to 8% on December 31, 2023, it will cost $445,177 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round you Intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the retirement of the bonds Note: Enter debits before credits. Date General Journal Debit Credit December 31 2023