The town of Sinking Creek has a semiannual debt service payment of $1,300,000 (including $1,000,000 interest) due on January 3, 20X5. The finance director transferred $1,500,000 from the General Fund to the Debt Service Fund on December 15, 20X4, to provide for this payment and future payments. Mayor Arnold Mills asks you if Sinking Creek is either required or permitted to accrue the $1,000,000 of interest at December 31, 20X4, the end of its fiscal year. Respond.