Culver Inc. pays its officers bonuses based on income. For 2020, the bonuses total $325,000 and are paid on February 15, 2021. Prepare Culvers December 31, 2020 adjusting entry and the February 15, 2021 entry. (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 0 for the amounts.)

Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Feb. 15, 2021