(The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $490,000 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 $450,092. 2. If the market interest rate drops to 6% on December 31, 2022, it will cost $577,597 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 field. Round your intermediate calculations to the nearest whole dollar amount.) View transaction list Journal entry worksheet