The balance sheet for Miley Consulting reports the following information on July 1, 2017.

Long-term liabilities
Bonds payable		$3,300,000
Less: Discount on bonds payable		165,000		$3,135,000

Miley decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017.

Brief Exercise 15-6 The balance sheet for Miley Consulting reports the following information on July 1, 2017. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,300,000 165,000 $3,135,000 Miley 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.) Date Account Titles and Explanation Debit Credit July 1 Bonds Payable 3,300,000 Loss on Bond Redemption Discount on Bonds Payable 165,000 Cash