The balance sheet for Ivanhoe company reports the following information on July 1, 2022.

Question 1 of 17 - /0.2 CUTE RECINTUS The balance sheet for Ivanhoe Company reports the following information on July 1, 2022. IVANHOE COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable Less: Discount on bonds payable . $400,000 9,000 $391,000 Ivanhoe decides to redeem these bonds at 109 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.) Date Account Titles and Explanation Debit Credit July 1