Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1. 1.Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021

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