Long-term liabilities Bonds payable Less: Discount on bonds payable PHAROAH COMPANY Balance Sheet (partial) July 1 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 Bonds Payable Loss on Bond Redemption $2,600,000 Discount on Bonds Payable cash 58,500 $2,541,500 Debit 2,600,000 Credit 58500

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 occount titles and enter Ofor the amounts)