Prepare the journal entries for December 31, 2024 using the effective interest method, and assuming that Sheffield pays the note on schedule. (Round answers to 0 decimal places, es. 8,971. 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 O for the amounts. List all debit entries before credit entries.) Sheridan Inc, provided several entertainment services to Sheffield Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Sheffield was unable to pay the outstanding balance. Sheridan agreed to accept a $480,000 non-interest bearing note payable on December 31,2024. Sheffield typically could arrange this kind of financing at an interest rate of 15%. Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1