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The balance sheet for Miley Consulting reports the following information on July 1, 2014. Long-term liabilities Bonds payable $1,040,000 Less: Discount on bonds payable 83,200

The balance sheet for Miley Consulting reports the following information on July 1, 2014. Long-term liabilities Bonds payable $1,040,000 Less: Discount on bonds payable 83,200 $956,800 Miley decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2014

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