Current Attempt in Progress The balance sheet for Pharoah Company reports the following information on July 1, 2025. PHAROAH COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $2,600,000 Less: Discount on bonds payable 58,500 $2,541,500 Pharoah decides to redeem these bonds at 108 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 1 Debit Credit