Prepare journal entry for redemption of bonds. The balance sheet for Fogelberg Company reports the following information on July 1, 2014. FOGELBERG COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $2,000,000 Less: Discount on bonds payable 45,000 $1, 955,000 Fogelberg decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2014