On January 1, 2021. Sheridan Corp. issued five-year bonds with a face value of $370,000 and a coupon interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually. Click here to view factor tables Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to decimal places, eg,5,275.) Date Account Titles and Explanation Debit Credit Jan 1 Cash 386192 Bonds Payable 386192 July 1 Interest Expense 9655 Bonds Payable 1445 Cash 11100 Dec 31 Interest Expense 9619 Bonds Payable 1481 Interest Payable 11100 e Textbook and Media Your answer is correct. Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold the market interest rate was 6%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to decimal places, eg,5,275.) Date Account Titles and Explanation Debit Credit Jan Cash 370000 i Bonds Payable 37 July 1 Interest Expense 11100 Cash Dec. 31 Interest Expense 11100 Interest Payable e Textbook and Media List of Accounts Attempts: 1 of 3 used Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 7%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 386192 Bonds Payable 386192 July 1 Interest Expense Bonds Payable Cash 12950 Dec 31 Interest Expense Bonds Payable Interest Payable 12950 eTextbook and Media List of Accounts