On January 1,2025 , 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, 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.)