Current Attempt in Progress Your answer is partially correct. The balance sheet for Cullumber Company reports the following information on July 1, 2022. CULLUMBER COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $1,400,000 Less: Discount on bonds payable 31,500 $1,368,500 Cullumber decides to redeem these bonds at 102 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 July 1 Bonds Payable Loss on Bond Redemption Discount on Bonds Payable Cash eTextbook and Media List of Accounts Save for Later Debit Credit 2500000 156250 56250 2600000 Attempts: 2 of 3 used Submit Answer