On July 31, 2021, Sandhill Inc. issued $ 460,000 of 5-year, 4% bonds at 104. Interest is payable semi-annually on July 31 and January 31. Sandhill's fiscal year end is January 31. Is the market rate of interest higher or lower than 4%? The market rate of interest is Record the issue of the bonds on July 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 for the amounts.) Date Account Titles and Explanation Debit Credit July 31 I (To record issuance of bonds.) Record the payment of interest on January 31, 2022, assuming the semi-annual amortization amount for this interest period is $ 849. (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.) Date Account Titles and Explanation Debit Credit Jan. 31 1 (To record interest payment.)