Sheridan, Inc. had outstanding $$6,430,000$ of $10\%$ bonds $($interest payable July $31$ and January $31)$ due in $10$ years. On July $1,$ it issued $$9,280,000$ of $9\%,15-$year bonds $($interest payable July $1$ and January $1)$ at $97.$ A portion of the proceeds was used to call the $10\%$ bonds $($with unamortized discount of $$192,900)$ at $103$ on August $1.$

Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. $($Record entries in the order displayed in the problem statement. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit