The balance sheet for Cullumber Consulting reports the following information on July 1, 2021.

Non-current liabilities
Bonds payable, 4%, due 2024		$958,800

The face value of these bonds is $1,020,000. Cullumber decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2021. (Credit account titles are automatically indented when the 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
	(To record redemption of bonds.)