Practice Problem Set 1 On October 1, 2016, Sheffield Corp. issued $900,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31. Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2016. SHEFFIELD CORP. Balance Sheet (Partial) December 31, 2016 Long-term Liabilities X Bonds Payable 900000 X Current Liabilities XX Interest Payable 20250