Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2022, to amortize bond premium and to accrue interest on the remaining bonds Date Account Tities and Explanation Debit Credit Dec 31, 2022 Interest Expense Premium on Bonds Payable Interest Payable Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT png Screenshot_20201.png Screenshot_20201...png 20201122_022753.jpg The following is taken from the Sheridan Company balance sheet. Sheridan Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 5% due January 1, 2028 $2,860,000 Add: Premium on bonds payable 163,000 $143,000 $3,023,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sheridan uses straight-line amortization for any bond premium or discount. From December 31, 2020, the bonds will be outstanding additional io years (120 months). Your answer is correct. Journalize the payment of bond interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 Interest Payable 143000 cash 143000 SHOW LIST OF ACCOUNTS Spaldily correct. Try again. Prepare the entry to amortize bond premium and to accrue the interest due on December 31, 2021. (Credit account titles are automatically indented when amount entered. Do not indent manuall Date Account Titles and Explanation Debit Credit Dec 31, 2021 Interest Expense Premium on Bonds Payable Interest Payable ady SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer partially correct. Try again Assume that on January 1, 2022, after paying interest, Sheridan Company calls bonds having a face value of $1,144,000. The call price is 101. Record the redemption of the bonds. (Credit account titles are aut when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Bonds Payable Premium on Bonds Payable Gain on Bond Redemption