The balance sheet for Pharoah Consulting reports the following information on July 1, 2019.

Long-term liabilities
Bonds payable		$1,200,000
Less: Discount on bonds payable		48,000		$1,152,000

Pharoah decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2019. (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	12000000
	Loss on Bond redemption
	discount on bonds payable		48000
	cash		1212000

(MY ONLY QUESTION IS) Please show steps in how you get the loss on bond redemption. thanks!