Question: The statement of fi nancial position for Miley Consulting reports the following information on July 1, 2017. Non-current liabilities Bonds payable 940,000 Miley decides to

The statement of fi nancial position for Miley Consulting reports the following information on July 1, 2017.
Non-current liabilities
Bonds payable £940,000
Miley decides to redeem these bonds at 101 (face value of bonds £1,000,000) after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017.

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