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Sheridan Company issued $ 485,000, 15-year, 7% bonds at 98. 1.Prepare the journal entry to record the sale of these bonds on January 1, 2017.

Sheridan Company issued $ 485,000, 15-year, 7% bonds at 98.

1.Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

2.Suppose the remaining Discount on Bonds Payable was $ 5,820 on December 31, 2022. Show the balance sheet presentation on this date.

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