Exercise $9-20($Algo$)$ Record the early retirement of bonds issued at a premium $($LO$9-6)$

Skip to question

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ White Water issues $$530,000$ of $6\%$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year. The market interest rate on the issue date is $5\%$ and the bonds issued at $$596,522.$

Exercise $9-20($Algo$)$ Part $2$

$2.$ If the market interest rate increases to $7\%$ on December $31,2026,$ it will cost $$477,793$ to retire the bonds. Record the retirement of the bonds on December $31,2026.($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.$)$