Sheridan Corp. issues bonds with a face value of $335 million that mature in 14 years. The bonds carry a 3.5% interest rate and are sold at 94.680 to yield 4.0%. They pay interest semi-annually.

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Sheridan Corp. issues bonds with a face value of $335 million that mature in 14 years. The bonds carry a 3.5% interest rate and are sold at 94.680 to yield 4.0%. They pay interest semi-annually. ( a1) Your answer is correct. Calculate the proceeds on issuance of the bonds. Show the journal entries to record the first two interest payments on these bonds. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries.)