Brief Exercise 20-9 Sheridan Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $157,500 on May 1, 2020. The interest rate is 9%. Sheridan made the first lease payment of $28,710 on May 1, 2020. The lease requires a total of 7 annual payments. The equipment has a useful life of 7 years with no residual value. Assume that at December 31, 2020, Sheridan made an adjusting entry to accrue interest expense of $7,727 on the lease. Prepare Sheridan's May 1, 2021 journal entry to record the second lease payment of $28,710. Assume that no reversing entries are made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit May 1