The balance sheet for Cullumber Company reports the following information on July $1,2025.$

Long$-$term liabilities

Bonds payable

$$2,300,000$

Less: Discount on bonds payable

$51,750$

$$2,248,250$

Cullumber decides to redeem these bonds at $108$ after paying annual interest.

Prepare the journal entry to record the redemption on July $1,2025.($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

July $1$

$$

$$

$$