On June 30,2012 , Sheffield Corp. issued 10% bonds with a face value of $740,000 due in 20 years. They were issued at 99 and were callable at 103 at any date after June 30, 2020. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issuance on June 30, 2021 after interest had been paid, and to issue new bonds. New 8% bonds with a face value of $1,000,000 were sold at 102; they mature in 20 years. Sheffield Corp. uses straight-line amortization. Interest payment dates are December 31 and June 30. (a) Prepare journal entries to record the retirement of the old issuance and the sale of the new issuance on June 30,2021. (b) Prepare the entry required on December 31, 2021, to record the payment of the first 6 months' interest and the amortization of premium on the bonds. No. (a) Account Titles and Explanation Debit Cred (To record the redemption of the old issuance) Dec. 31, 2021 June 30, 2021 (To record the sale of the new issuance) (b)