Current Attempt in Progress The balance sheet for Sandhill Co. reports the following information on July 1, 2022. SANDHILL CO. Balance Sheet (partial) Long-term liabilities $1,000,000 Less: Discount on bonds payable 22,500 $977.500 Bonds payable Sandhill decides to redeem these bonds at 104 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 July 1 Save for Later Debit Credit Attempts: 0 of 1 used Submit