Prepare the adjusting journal entry on December 31, 2020, assuming this is Pharoah's year end. (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 tities and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,125.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Expense Bonds Payable l l | Interest Payable I l | (To accrue interest expense.) Pharoah Corporation issued $300,000 of 5-year bonds on April 1, 2020. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Interest Interest Bond Period Payment Expense Amortization Amortized Cost Apr.1, 2020 $313,833 Oct. 1, 2020 $6,000 $4,707 $1,293 312,540 Apr. 1, 2021 6,000 4,688 1,312 311,228 Oct. 1, 2021 6,000 4,668 1,332 309,896 Apr. 1, 2022 6,000 4,648 1,352 308,544 Oct. 1, 2022 6,000 4,628 1,372 307,172 Apr. 1, 2023 6,000 4,608 1,392 305,780