On January $1,2025,$ Sheffield Company sold $11\%$ bonds having a maturity value of $$600,000\mathrm{.}00$ for $$671,868\mathrm{.}86,$ which provides the bondholders with a $8\%$ yield. The bonds are dated January $1,2025,$ and mature January $1,2030,$ with interest payable December $31$ of each year. Sheffield Company allocates interest and unamortized discount or premium on the effective$-$interest basis.

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$($a$)$

Your answer is correct.

Prepare the journal entry at the date of the bond issuance. $($Round answer to $2$ decimal places, e$.$g$.38,548\mathrm{.}25.$ If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No entry" for the account titles and enter $0$ in the respective debit and credit fields.$)$

Date Account Titles and Explanation

January

$1,2025$

Premium on Bonds Payable

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List of Accounts

Attempts: $2$ of $3$ used

$($b$)$

Prepare a schedule of interest expense and bond amortization for $2025-2027.($Round answer to $2$ decimal places, e$.$g$.38,548\mathrm{.}25.)$

$\backslash$table$[[$Date$,\backslash$table$[[$Cash$],[$Paid$]],\backslash$table$[[$Schedule of Interest Expense and Bond Premium Amortizatior$],[$Effective$-$Interest Method$]]],[\backslash$table$[[$Interest$],[$Expense$]],\backslash$table$[[$Premium$],[$Amortized$]]],[\frac{1}{1}\frac{?}{25},$$$,$$$,$$