Sheffield Company invests $10,400,000 in 5% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $11,078,000. Interest is paid on January 1. Prepare journal entries for Sheffield Company to (a) record the transactions related to these bonds in 2017, assuming Sheffield does not elect the fair option; and (b) record the transactions related to these bonds in 2017, assuming that Sheffield Company elects the fair value option to account for these bonds