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(2 points) Sheffield Corporation purchased trading investment bonds for $108,000 at par. At December 31, Sheffield received annual interest of $5,160, and the fair value

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(2 points) Sheffield Corporation purchased trading investment bonds for $108,000 at par. At December 31, Sheffield received annual interest of $5,160, and the fair value of the bonds was $112,300. Prepare Sheffield's journal entries for: (a) the purchase of the investment Accounts Debits Credits (b) the interest received Accounts Debits Credits (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) Accounts Debits Credits

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