The balance sheet for Sheridan Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $4,100,000 164,000 $3,936,000.
Sheridan decides to redeem these bonds at 104 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented)