Sheffield Corporation issued $450,000,7%, 20-year bonds on January 1, 2022, for $405,820. This price resulted in an effective- interest rate of 8% on the bonds. Interest is payable annually on January 1. Sheffield uses the effective interest method to amortize bond premium or discount. Prepare the schedule using effective-interest method to amortize bond premium or discount of Sheffield. (Round answers to O decimal places, e.g. 5,275.) Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Un C Interest Periods Issue date $ $ $ $ 1 31500 2 31500 e Textbook and Media List of Accounts 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.) Debit Credit Date Jan. 1, 2022 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31, 2022 e Textbook and Media List of Accounts Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, Interest Payable 2023 31500 Cash 31500 e Textbook and Media List of Accounts