The balance sheet for Pharoah Company reports the following information on July 1, 2022. PHAROAH COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $600,000 Less: Discount on bonds payable 13,500 $586,500 Pharoah decides to redeem these bonds at 108 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