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Sheffield Company issued $690000 of 8%, 10-year bonds on its interest date for $621850 to yield an effective annual rate of 10% The effective interest method of amortization is to be used. Interest is paid annually. What amount of discount (to the nearest dollar) should be amortized for the first interest period? $6985 $6815 O $13970 $5452 Sheffield Company issued $560000 of 6%, 10-year bonds on its interest date for $491850 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. Interest is paid annually. The journal entry on the first interest payment date to record the payment of interest and amortization of discount will include a O credit to Discount on Bonds Payable for $5748. debit to interest Expense for $33600 O debit to Interest Expense for $44800 O credit to Cash for $39348