The balance sheet for Monty Consulting reports the following information on July $1,2022.$

Long$-$term liabilities

Bonds payable

$$1,380,000$

Less: Discount on bonds payable

$55,200,$$$1,324,800$

Monty decides to redeem these bonds at $102$ 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 $1$

$$

$$

$$

$$

$$

$$

$$

$$