Brief Exercise 15-6 The balance sheet for Miley Consulting reports the following information on July 1, 2017. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,000,000 40,000 $960,000 Miley decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017. (Credit account titles are automatically Date Account Tities and Explanation Debit Credit July 1