The balance sheet for Blossom Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $1,000,000 Less: Discount on bonds payable 40,000 $960,000 Blossom decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Bonds Payable 1000000 Loss on Bond Redemption Discount on Bonds Payable 40000