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The balance sheet for Sunland Consulting reports the following information on July 1, 2020. Long-term liabilitiesBonds payable$2,200,000Less: Discount on bonds payable110,000$2,090,000 Sunland decides to redeem

The balance sheet for Sunland Consulting reports the following information on July 1, 2020.

Long-term liabilitiesBonds payable$2,200,000Less: Discount on bonds payable110,000$2,090,000

Sunland decides to redeem these bonds at105after paying annual interest.

Prepare the journal entry to record the redemption on July 1, 2020.

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