On January 1, 2022, Sheffield Corporation issued $1,750,000 face value, 6%, 10-year bonds at $1,627.087. This price resulted in an effective-interest rate of 7% on the bonds, Sheffield uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Round answers to decimal places, s. 125. Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 (d) Prepare the journal entry to record the payment of interest on January 1, 2023. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 1 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit