Question 8 The balance sheet for Cullumber Company reports the following information on July 1, 2017 CULLUMBER COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable Less: Discount on bonds payable101,250 $4,398,750 $4,500,000 Cullumber decides to redeem these bonds at 104 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Bonds Payable Debit Credit 4,500,000 Loss on Bond Redemption Cash Discount on Bonds Payable 101,250