Current Attempt In Progress On September 1, Sheffield Ltd. purchased $80,400 of five-year, 8% bonds for $65,951, resulting in an effective (yield) rate of 13%. The bonds pay interest each March 1 and September 1. Sheffield Ltd. applies ASPE, accounts for the investment under the amortized cost approach using the effective interest accounting policy, and has a December 31 year end. The following March 1, after receiving the semi-annual Interest on the bonds, Sheffield sells the bonds for $68,561 Your answer has been saved. See score details after the due date. Prepare Sheffield's journal entry for the purchase of the investment. (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 O for the amounts) Date Account Titles and Explanation September Bond Investment at Amortized Cost 1 Cash eTextbook and Media List of Accounts Question Part Score (b) Debit 65951 Credit 65951 Attempts: 1 of 1 used. 0/2 Your answer has been saved. See score details after the due date. Prepare Sheffield's journal entry for any adjusting entry needed at December 31. (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 O for the amounts. Round answers to O decimal places, eg 5.275) Date Account Titles and Explanation December Interest Receivable 31 Bond investment at Amortized Cost Debit 2144 714 Credit Prepare Sheffield's journal entry for the receipt of interest on March 1. (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 O for the amounts Round answers to O decimal places, eg. 5.275) Date Account Titles and Explanation March 1 eTextbook and Media Debit Credit K