The balance sheet for Gelher Company reports the following information on July 1, 2017. Prepare the journal entry to record the redemption on July 1, 2017.

The balance sheet for Gelher Company reports the following information on July 1, 2017. GELHER COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $2,000,000 Less: Discount on bonds payable 45,000 $1,955,000 Gelher decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1