The balance sheet for Miley Consulting reports the following information on July 1, 2020, Long-term liabilities Bonds payable $1,000,000 Less: Discount on bonds payable 60,000 $940,000 Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. manually.) Date Account Titles and Explanation Debit Credit July 1