Sandhill Inc. issues $3,000,000, 5-year, 8% bonds at 103, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 List of Accounts Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Interest Expense Premium on Bonds Payable Debit 240,000 11,250 Cash