Sheridan Corporation issued $520,000, 9%, 20-year bonds on January 1, 2020, for $475,729. This price resulted in an effective- interest rate of 10% 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 payment of interest on January 1, 2021. (Round answers to O decimal places, eg. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit Current Attempt in Progress Pharoah Company issued $330,000, 10%, 10-year bonds on January 1, 2020, for $351,179. This price resulted in an effective-interest rate of 9% on the bonds. Interest is payable annually on January 1. Pharoah uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the payment of interest on January 1, 2021. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit