Sheridan Company issues $2.7 million10-year7% bonds at 99, with interest payable on December 31. The straightmethod is used to amortize bond discount.

Prepare the journal entry to record the sale of these bonds on January 1, 2025. (List all debit entries before credit entries Credit account titles are automatically indented when amount is enteredDo not indent manually If no entry is required, select No Entry for the account titles and enter for the amounts.)