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The balance sheet for Swifty Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $1,990,000 Less: Discount on bonds payable

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The balance sheet for Swifty Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $1,990,000 Less: Discount on bonds payable 79,600 $1,910,400 Swifty decides to redeem these bonds at 101 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 1 Debit Credit

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