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

On January 1, 2024, White Water issues $560,000 of 7% 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 6% and the bonds issued at $624,721. 2. If the market interest rate increases to 8% on December 31,2026 , it will cost $508,449 to retire the bonds. Record the retirement of he bonds on December 31, 2026. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in he first 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