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Required Information [The following information applies to the questions displayed below.) On January 1, 2021,...

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Required Information [The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $340,000 of 6% bonds, due in 20 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 $303.696, 2. If the market Interest rate drops to 6% on December 31, 2022, it will cost $340,000 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 View Journal entry worksheet Debit General Journal No Credit Date December 31, 2022 1 Bonds Payable 340.000 20,400 LOSS Cash Discount on Bonds Payable 340.000 20,400

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