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The balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $5,000,000 Less: Discount on bonds payable 250,000

The balance sheet for Cullumber Consulting reports the following information on July 1, 2020.

Long-term liabilities
Bonds payable $5,000,000
Less: Discount on bonds payable 250,000 $4,750,000

Cullumber decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020.

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