Current Attempt in Progress

The balance sheet for Crane Consulting reports the following information on July $1,2027.$

Long$-$term liabilities

Bonds payable

$$4,900,000$

Less: Discount on bonds payable $$ $$4,508,000$

Crane decides to redeem these bonds at $104$ after paying annual interest.

Prepare the journal entry to record the redemption on July $1,2027.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

July $1$

$$

$$

$$

$$

$$

$$

$$

$$

$$