The balance sheet for Sandhill Co.reports the following information on July 1, 2022. SANDHILL CO. Balance Sheet (partial) Long-term liabilities Bonds payable Less: Discount on bonds payable $1,000,000 22,500 $977,500 Sandhill decides to redeem these bonds at 104 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Bonds Payable 1000000 Loss on Bond Redemption Cash 22500 Discount on Bonds Payable 1040000