Exercise 14-13 Sheffield, Inc. had outstanding $6,360,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $8,450,000 of 1196, 15-year bonds (interest payable July 1 and January 1) at 99. A portion of the proceeds was used to call the 12% bonds(with unamortized discount of $254,400) at 104 on August 1 Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers to O 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 July 1 (To record issuance of 1196 bonds) August 1 (To record retirement of 12% bonds) Click if you would like to Show Work for this question: Open Show Work