Sheridan Products Ltd. issued $3.3 million of 3%, 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 4% for these bonds. 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 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, eg. 1,575.) Price of the bonds $ Record the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not inderit manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Account Titles and Explanation Date Jan. 1, 2021 Cash Bonds Payable (To record issuance of bonds.) Prepare an effective interest amortization table for these bonds. (Round answers to decimal places, eg, 5.275.) SHERIDAN PRODUCTS LTD. Bond Discount Amortization Table Effective-Interest Method-Annual Interest Payments 3% Bonds Issued at market rate of 4% Interest Expense Discount Amortization Interest Payment Bond Amortizer $ Date Jan 1. 2021 Jan 1. 2022 Jan. 1. 2023 Jan. 1. 2024 Jan. 1. 2025 Jan 1. 2026 Record any required adjusting entries and subsequent payment for the first three interest payments assuming reversing entries have not been used. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec 31, 2021 Interest Expense Bonds Payable Interest Payable (To accrue interest expense.) Jan. 1.2022 Interest Payable Cash (To record interest payment.) Dec 31, 2022 Interest Expense Bonds Payable Interest Payable (To accrue interest expense.) Interest Payable Jan. 1.2023 Cash (To record interest payment) 02 Dec 31, 2022 Interest Expense Bonds Payable Interest Payable (To accrue interest expense.) Jan. 1.2023 Interest Payable Cash (To record interest payment.) Dec 31, 2023 Interest Expense Bonds Payable Interest Payable To accrue interest expense.) Jan 1.2024 Interest Payable Cash (To record interest payment) Attempts: 0 of 1 used Submit An Save for Lister Last saved 54 minutes ago Saysd work will be auto-submitted on the due date