Question 11 --/1 View Policies Current Attempt in Progress King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Payable is $4,800. At that time, King redeemed the bonds at 102. Assuming that no interest is payable, make the entry to record the redemption. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 Question 6 --/1 View Policies Current Attempt in Progress The balance sheet for Pharoah Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $2,000,000 160,000 $1,840,000 Pharoah decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1