Required information [The following information applies to the questions displayed below.] On January 1, Year 1 , a company issues $460,000 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 7% and the bonds issued at $502,302. 2. If the market interest rate increases to 9% on December 31 , Year 6 , it will cost $426,660 to retire the bonds. Record the retirement of he bonds on December 31, Year 6 . (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) Journal entry worksheet Note: Enter debits before credits