The balance sheet for Gelher Company reports the following information on July 1, 2017. GELHER COMPANY Balance

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The balance sheet for Gelher Company reports the following information on July 1, 2017.

GELHER COMPANY Balance Sheet (partial)

Long-term liabilities Bonds payable $2,000,000 Less: Discount on bonds payable 45,000 $1,955,000 Gelher decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017.

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