Sunland Co. is building a new hockey arena at a cost of $2,620,000. It received a downpayment of $530,000 from local businesses to support the project, and now needs to borrow $2,090,000 to complete the project. It therefore decides to issue $2,090,000 of 11%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 10%. Your answer is partially correct. Assume that on July 1, 2022, Sunland Co.redeems half of the bonds at a cost of $1.126,600 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to 0 decimal places, e.g. 38,548. I no entry is required, select "No Entry", for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit 1001 2 682 57475 Date Account Titles and Explanation July 1, 2022 Interest Expense Premium on Bonds Payable cash (To record interest) July 1, 2022 Bonds Payable Premium on Bonds Payable Loss on Redemption of Bonds Cash (To record reacquisition) 10450000