The statement of fi nancial position for Miley Consulting reports the following information on July. 1 answer below »

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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.