Sheridan Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $193,500 on May 1, 2020. The interest rate is 11%. Sheridan made the first lease payment of $29,601 on May 1, 2020. The lease requires a total of 10 annual payments. The equipment has a useful life of 10 years with no residual value. Prepare Sheridan's December 31, 2020 adjusting entries. (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 titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Dec. 31 Dec. 31 Account Titles and Explanation (To record interest.) (To record depreciation expense.) Debit Credit