Problem 10-3A (Part Level Submission) On May 1, 2019, Sheridan Company issued $555,000, 11%, 5-year bonds at face value. The bonds were dated May 1, 2019, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2019 Cash 555000 Bonds Payable 555000 Show the balance sheet presentation on December 31, 2019. (Enter account name only and do not provide descriptive information.) Sheridan Company Balance Sheet December 31, 2019 Current Liabilities Interest Payable 40700 > Long-term Liabilities Bonds Payable 555000 Prepare the journal entry to record payment of interest on May 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2020