Please explain where all the numbers stem from step by step. Thank you.

On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $419,422. 2. If the market interest rate drops to 7% on December 31,2025 , it will cost $450,000 to retire the bonds. Record the retirement of the ponds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the irst account field. Round your final answers to the nearest whole dollar.) Journal entry worksheet Record the retirement of the bonds. Note: Enter debits before credits