Exercise 14-10 On January 1, 2017, Sheffield Company sold 12% bonds having a maturity value of $460,000 for $494,875, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1, 2022, with interest payable December 31 of each year. Sheffield Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2017 Cash 494875 Bonds Payable 460000 Premium on Bonds Payable 34875 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a schedule of interest expense and bond amortization for 20172019. (Round answer to 0 decimal places, e.g. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Date Cash Paid Interest Expense Premium Amortized Carrying Amount of Bonds 1/1/17 $ $ $ $ 494875 12/31/17 12/31/18 12/31/19 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the interest payment and the amortization for 2017. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the interest payment and the amortization for 2019. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2019 Click if you would like to Show Work for this question: Open Show Work