Oriole Ltd$.$ sold $10-$year, $5\%$ convertible bonds with face value $$1,590,000.$ The bonds pay interest December $31$ each year. Oriole follows ASPE. Each bond was convertible into $530$ Oriole common shares. The sale resulted in a value for the convertible option of $$299,000.$ On January $2,2024,$ Oriole offered a cash payment of $$29,000$ to bondholders if they would convert their bonds into common shares. All of the bondholders agreed. At the time, the market value of the bonds was $$1,327,000$ and the carrying value on Oriole's books was $$1\mathrm{.}311\mathrm{.}000.$

Prepare the journal entry to record the early retirement of the bonds.