Question 10 of 11 < > View Policies Show Attempt History Current Attempt in Progress 4.15/7 Sheridan Company issued $255,000, 11%, 15-year bonds on December 31, 2021, for $242,250. Interest is payable annually on December 31. Sheridan uses the straight-line method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (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 O for the amounts.) (b) Date Account Titles and Explanation Dec. 31, 2021 Cash Discount on Bonds Payable Bonds Payable eTextbook and Media List of Accounts Your answer is partially correct. Debit 242250 12750 Credit 255000 Attempts: 2 of 3 used Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (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 O for the amounts.) Date Account Titles and Explanation Dec. 31, Interest Expense 2022 Discount on Bonds Payable Cash Debit Credit 1062.5 28050