Your answer is partially correct. Prepare the journal entry to record the issue of the bonds on May 1. (Round answer to O decimal places, eg. 5,275. 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.) Date Account Titles and Explanation Debit Credit May 1 Cash 195.354 Bonds Payable 195,354 e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entry to record the first and second interest payments on November 1, 2020, and May 1, 2021. (Round answers to decimal places, eg. 5,275. 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 Date Nov. 1, 2020 Cash 0 Cash 0 Cash 0 May 1, 2021 Cash 0 Cash 0 Cash On May 1, 2020, Sheffield Corporation, a publicly listed corporation, issued $ 180,000 of five-year, 8% bonds, with interest payable semi-annually on November 1 and May 1. The bonds were issued to yield a market interest rate of 6%. Sheffield uses the effective interest method. 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 Your answer is incorrect Calculate the present value (issue price) of the bonds on May 1 using (1) factor Tables A2 and A. 4. (2) a financial calculator, or (3) Excel function PV. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places, eg. 1,251.24.) Present value of the bonds $ 195,352 eTextbook and Media Assistance Used List of Accounts Your answer is partially correct. Prepare the journal entry to record the issue of the bonds on May 1. (Round answer to O decimal places, eg. 5,275. 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit May 1 Cash 195,354 Bonds Payable 195,354 eTextbook and Media List of Accounts