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The following section is taken from Sheridan Corp.'s balance sheet at December 31, 2019 Current liabilities $ 134,550 Interest payable Long-term liabilities Bonds payable, 9%, due January 1, 2024 1,495,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Your answer is correct. Journalize the payment of the bond interest on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles andExplanation Debit Credit Jan. 1 Interest Payable 134550 Cash 134550 Your answer is partially correct. Try again. Assume that on January 1, 2020, after paying interest, Ohlman calls bonds having a face value of $554,000. The call price is 102. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit . Jan. 1 Premium on Bonds Payable 565080 Bonds Payable 554000 11080 Cash Your answer is partially correct. Try again. Prepare the entry to record the accrual of interest on DeceEmber 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense 49860 Interest Payable 49860

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