View Policies Current Attempt in Progress On January 1, 2020, Sandhill Company issued $485,000, 13%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec 31 2020 Interest Expense Interest Payable eTextbook and Media List of Accounts 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.) Date Account Titles and Explanation Debit Credit Jan. 1 2021 Interest Payable Cash