Brief Exercise 10-11 The balance sheet for Sheridan Company reports the following information on July 1, 2017. SHERIDAN COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $3,800,000 85,500 $3,714,500 Less: Discount on bonds payable Sherdan decides to redeem these bonds at 109 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Debit Credit