Sheffield Corporation issued a 4-year, $34,000, 4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $27,533. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 10%.

Shefeld Corporation issued a 4-year, $34,000, 4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $27,533. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 10%. Prepare Sheffield's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Round answers to 0 decimal places, e. 9. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) January 1, 2017 |' |' ' % f % l f (b) December 31, 2017 E C E I: E