The balance sheet for Sheridan Company reports the following information on July 12022 SHERIDAN COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $ 700,000 Less: Discount on bonds payable 15,750684,250

The balance sheet for Sheridan Company reports the following information on July 1, 2022. Sheridan decides to redeem these bonds at 103 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.)