Current Attempt in Progress

The balance sheet for Blossom Consulting reports the following information on July $1,2022.$

Long$-$term liabilities

Bonds payable

$$3,300,000$

Less: Discount on bonds payable

$$3,168,000$

Blossom 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.$)$

Date

Account Titles and Explanation

Debit

Credit

July $1$