On January 1, 2021, Sandhill Ltd. issued $610,000 of 5%, 5-year bonds. The bonds were issued to yield a market Interest rate of 6%. Sandhill's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Sandhill redeemed the bonds. A partial bond amortization schedule is presented below. Semi-Annual Interest Interest Period Payment Interest Expense Amortization Bond Amortized Cost Jan. 1, 2021 $583,983 July 1, 2021 15,250 $17,519 $2,269 586,252 Jan. 1, 2022 15,250 17,588 2,338 588,590 July 1, 2022 15,250 17,658 2,408 590,998 Jan. 1, 2023 15,250 17,730 2,480 593,478 Prepare the journal entry to record the payment of interest on July 1, 2021. (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 July 1 (To record interest payment.) eTextbook and Media List of Accounts Debit Prepare the journal entry to accrue the interest expense on December 31, 2021. (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 Dec. 31 Debit Credit Credit