Rikker Company issued $600,000 of 12%, 10-year bonds at face value on October 1, 2003. The bonds pay interest on April 1 and October 1. Rikker uses the calendar year for financial reporting purposes. Provide the journal entry to record the bond issuance on October 1, 2003. Provide the journal entry to record interest expense on December 31, 2003. Provide the journal entries made during 2004 relating to the bond. On February 14, 2004, Rikker elected to retire the bond issue early. The market price on the day of retirement was $605,000. Provide the journal entries to record the bond re- ee tirement. 5. Why do you think Rikker elected to retire the bonds early?