Brief Exercise 10-12 The balance sheet for Miley Consulting reports the following information on July 1, 2017. Long-term liabilities $1,350,000 Bonds payable Less: Discount on bonds payable 108,000 $1,242,000 Miley decides to redeem these bonds at 101 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 Bonds Payable Debit Credit 1,350,000 Loss on Bond Redemption Cash Discount on Bonds Payable SHOW LIST OF ACCOUNTS