The following amortization and interest schedule reflects the issuance of 10-year bonds by Sheffield Corporation on January 1, 2014, and the subsequent interest payments and charges. The companys year-end is December 31, and financial statements are prepared once yearly.

Amortization Schedule
Year		Cash		Interest		Amount Unamortized		Carrying Value
1/1/2014						$11,386		$ 190,114
2014		$22,165		$22,814		10,737		190,763
2015		22,165		22,892		10,010		191,490
2016		22,165		22,979		9,196		192,304
2017		22,165		23,076		8,285		193,215
2018		22,165		23,186		7,264		194,236
2019		22,165		23,308		6,121		195,379
2020		22,165		23,445		4,841		196,659
2021		22,165		23,599		3,407		198,093
2022		22,165		23,771		1,801		199,699
2023		22,165		23,966				201,500

(a) Indicate whether the bonds were issued at a premium or a discount. select an option DiscountPremium (b) Indicate whether the amortization schedule is based on the straight-line method or the effective-interest method. select a method Effective interest methodStraight-line method (c) Determine the stated interest rate and the effective-interest rate. (Round answers to 0 decimal places, e.g. 18%.)

The stated rate		enter percentages rounded to 0 decimal places	%
The effective rate		enter percentages rounded to 0 decimal places	%

(d) On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2014. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
January 1, 2014	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

(e) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruals for 2014. (Interest is paid January 1.) (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2014	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

(f) On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2021. Sheffield Corporation does not use reversing entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date January 1, 2021December 31, 2021	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 1, 2021December 31, 2021	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount