Problem 10-8A (Part Level Submission) Sheffield Corporation sold $3,290,00 696 5-year bonds on January 1, 2017 . The bonds were dated January 1 2017, and pay interest onanuary 1 Sheffield Corporation uses the straight line method to amortize bond premium or discount. (a) Your answer is correct Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 105. (Credit account titles are automatically indented wrhen amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Jan. 1 Cash 3,454,500 Premium on Bonds Payable 164 Bonds Payable 3,290,0 Dec. 31 nterest Expense 164,500 Premlum on Bonds Payable 32,900 nterest Payable Attempts: 2 ot 3 used Prepare journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 95. (Credit account titles are automatically indented wher amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit an. 1 Dec. 31