On January 1, 2025, Sheffield Company sold 11% bonds having a maturity value of $500,000.00 for $559,889.05, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2025, and mature January 1, 2030, with interest payable December 31 of each year. Sheffield Company allocates interest and unamortized discount or premium on the effective-interest basis. Click here to view factor tables. (a) Your Answer Correct Answer (Used) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, e.g. 38,548.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1,2025 Cash Bonds Payable Premium on Bonds Payable Debit Credit 559,889.05 500,000.00 59,889.05 (b) Prepare a schedule of interest expense and bond amortization for 2025-2027. (Round answer to 2 decimal places, e.g. 38,548.25.) Date 1/1/25 $ 12/31/25 12/31/26 12/31/27 Cash Paid Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method $ Interest Expense $ Premium Amortized (b) Prepare a schedule of interest expense and bond amortization for 2025-2027. (Round answer to 2 decimal places, e.g. 38,548.25.) Cash Paid Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method +A $ eTextbook and Media Interest Expense Premium Amortized Carrying Value of Bonds $ Assistance Used