The balance sheet for Pharoah Consulting reports the following information on July 1, 2022 Long-term liabilities Bonds payable $2,100,000 Less: Discount on bonds payable 84,000 $2,016,000 Pharoah decides to redeem these bonds at 105 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