Sheridan Ltd$.$ sold $10-$year, $5\%$ convertible bonds with face value $$1,350,000.$ The bonds pay interest December $31$ each year. Sheridan

follows ASPE. Each bond was convertible into $450$ Sheridan common shares. The sale resulted in a value for the convertible option of

$$269,000.$ On January $2,2024,$ Sheridan offered a cash payment of $$32,000$ to bondholders if they would convert their bonds into

common shares. All of the bondholders agreed. At the time, the market value of the bonds was $$1,537,000$ and the carrying value on

Sheridan's books was $$1,522,000.$

Prepare the journal entry to record the early retirement of the bonds. $($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and

enter O for the amounts.$)$