Required information [The following information applies to the questions displayed below] On January 1,2024 , White Water issues $540,000 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 $580,169. 2. If the market interest rate increases to 8% on December 31,2026 , it will cost $511,480 to retire the bonds. Record the retirement of the bonds on December 31,2026. (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.)