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all amounts filled in this question are incorrect , please solve this question Sheridan Products Ltd. issued $3.3 million of 3%, 5-year bonds on January

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Sheridan Products Ltd. issued $3.3 million of 3%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and Sheridan Products may buy back the bonds at any time. The market interest rate was 4% for these bonds. Sheridan has a calendar year end. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to O decimal places, e.g. 1,575.) Price of the bonds $ Record the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Debit Credi Account Titles and Explanation Date Jan. 1, 2021 3153090 Cash 3153090 Bonds Payable (To record issuance of bonds.) Prepare an effective interest amortization table for these bonds. (Round answers to decimal places eg 5.275) SHERIDAN PRODUCTS LTD. Bond Discount Amortization Table Effective-Interest Method-Annual Interest Payments 3% Bonds Issued at market rate of 4% Interest Expense Discount Amortization Interest Payment Bond Amortizer $ Date Jan. 1. 2021 Jan 1. 2022 Jan 1. 2023 99000 126124 99000 127209 99000 128337 Jan. 1. 2024 Jan 1. 2025 Jan. 1. 2026 99000 129510 99000 130731 Date Account Titles and Explanation Debit Credit Dec 31, 2021 Interest Expense Bonds Payable Interest Payable (To accrue interest expense.) V Jan 1, 2022 Interest Payable Cash (To record interest payment.) Dec. 31, 2022 Interest Expense Bonds Payable Interest Payable (To accrue interest expense.) v Jan 1.2023 Interest Payable Cash (To record interest payment.) Dec 31, 2023 Interest Expense Bonds Payable Interest Payable Jan. 1,2023 Interest Payable Cash (To record interest payment.) Interest Expense Dec 31, 2023 Bonds Payable Interest Payable (To accrue interest expense.) Interest Payable V Jan. 1.2024 Cash (To record interest payment.)

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