The balance sheet for Crane Company reports the following information on July 1, 2022. CRANE COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $200,000 Less: Discount on 4,500 $195,500 bonds payable Crane decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1