Franco is building a new hockey arena at a cost of $2,620,000 it received a down payment of $450,000 from local businesses to support the project and now needs to borrow $2,170,000 to complete the project therefore decides to issue $2,170,000 of 11% 10 year bonds these bonds were issued on January 1, 2019 and pay interest annually on each January 1 the bond yields 10%. Assume that on July 1, 2022 crane company redeems half of the bonds at a cost of $1,139,500 plus accrued interest prepare the journal entry to record this redemption