On January 1, 2023, Sheffield Ltd. purchased $440,000 face value of Telco bonds with an annual coupon rate of 8%. The bonds were purchased to yield 10% interest based on market rates on January 1, 2023. Interest is payable semi-annually, on July 1 and January 1. The bonds mature on January 1, 2028. Sheffield Ltd. uses the effective interest method to amortize the discount or premium. On January 1, 2025, to meet its liquidity needs, Sheffield Ltd. sold the bondsfor $407,799, after receiving interest. Sheffield Ltd. has a December 31 year end. Required: a. Prepare the journal entry to record the purchase of these bonds on January 1, 2023. Assume that the bonds are classified as FV-OCI. b. Prepare an amortization schedule for this bond investment, on Excel. c. Prepare the journal entries to record the semi-annual interest on July 1, 2023 and Dec 31, 2023. (Round dollar amounts to zero decimal places). d. Assuming that all interest entries for 2024 have already been recorded, and that the fair value of Telco bonds is $409,999 on December 31, 2024, prepare the necessary adjusting entry to fair value the bonds. (Assume that the fair value adjustment on December 31, 2023 was a gain (i.e. debit to investments) of $3,713.) e. Prepare the journal entry to record the sale of the bonds on January 1, 2025, including reclassifying holding gains or losses to net income.