BACK The balance sheet for Pharoah Company reports the following information on July 1, 2022. PHAROAH COMPANY Balance Sheet (partial) Long-term abilities. Bonds payable $1,700,000 Less: Discount on bonds payable 38,250 $1,661,750 Pharoah decides to redeem these bonds at 107 after paying annual interest Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit July 1 Bonds Payable 1700000 Credit Loss on Bond Redemption 1780750 Discount on Bonds Payable 38250 1819000 HOW LIST OF ACCOUNTS LINK TO TEXT