The balance sheet for Metlock Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $1,500,000 Less: Discount on bonds payable 75,000 $1,425,000 Metlock decides to redeem these bonds at 104 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