Question 4 Sheffield Electric Ltd. sold 4,637,000, 9%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid interest on January 1. The bonds were sold at 99. (a) Your answer is partially correct. Try again. Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 | Cash 4131567 Bonds Payable 4131567 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Question 5 Blue Electric sold 3,458,000, 10%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually on January 1. Blue Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 103. Assume the country allows the use of straight line amortization for bond premiums and discounts. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017