The following section is taken from Pharoah's balance sheet at December $31,2021$

Current liabilities

Interest payable

$$54,000$

Long$-$term liabilities

Bonds payable $(10\%,$ due January $1,2025)$

$540,000$

Interest is payable annually on January $1.$ The bonds are callable on any annual interest date. Prepare the adjusting entry on December $31,2022,$ to accrue the interest on the remaining bonds. $($Credit account titles are

automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit