Wildhorse Ltd. sold 10-year, 5% convertible bonds with face value $ 1,590,000. The bonds pay interest December 31 each year. Each bond was convertible into 530 Wildhorse common shares. The sale resulted in a value for the convertible option of $ 299,000. On January 2, 2021, Wildhorse offered the bondholders a price of 114 if they would agree to retire the bonds early. All of the bondholders agreed. At the time, the market value of the bonds was $ 1,327,000 and the carrying value on Wildhorses books was $ 1,311,000. Prepare the journal entry to record the early retirement of the bonds