Sheridan Products Ltd, issued $2.58 million of 7%.5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and Sheridan Products may buy back the bonds at any time. The market interest rate was 89% for these tronds. Sheridan has a calendar year end. Click here to view the factor table Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (b) Calculate the price of the bonds (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to decimal places, es. 1.575) Price of the bond $ 2580000 Record the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Jan. 1 2021 Date (To record issuance of bonds) e Textbook and Media Attempts: 0 of 3 used Subule Answer List of Accounts Sorar Last saved 2 days ago Saved work will be auto submitted on the due date Using multiple attempts will impact your score 10% score reduction after attempt 2 Question Part Score