Sheridan Corporation issued $420,000, 6%, 20-year bonds on January 1, 2020, for $375,505. This price resulted in an effective- interest rate of 7% on the bonds. Interest is payable annually on January 1. Sheridan uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Jan. 1, 2020 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2020. (Round answers to decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec 31, 2020 Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Jan. 1, 2021 e Textbook and Media List of Accounts