On January 1, 2024, Sheffield Company acquired all the assets and assumed all the liabilities of Sheridan Company and merged Sheridan into Sheffield. In exchange for the net assets of Sheridan, Sheffield gave its bonds payable with a maturity value of $609,000, a stated interest rate of 10%, interest payable semiannually on June 30 and December 31 , a maturity date of January 1,2034 , and a yield rate of 12%. Balance sheets for Sheffield and Sheridan (as well as fair value data) on January 1, 2024, were as follows: Prepare the journal entry on the books of Sheffield Company to record the acquisition of Sheridan Company's assets and liabilities in exchange for the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. 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 0 for the amounts. List all debit entries before credit entries.) Accounts Receivable Bond Discount Bonds Payable Bond Premium Buildings Cash Common Stock Current Liabilities Equipment Gain on Purchase of Business Inventory Land Loss on Purchase of Business No Entry Other Contributed Capital Retained Earnings Debit Credit Credit Save for Later Save for Later Attempts: 0 of 2 used Submit