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Current Attempt in Progress Sheffield Company issued $400,000,12%,10-year bonds on January 1,2022 , for $423,557. This price resulted in an effective-interest rate of 11% on the bonds. Interest is payable annually on January 1 . Sheffield uses the effectiveinterest method to amortize bond premium or discount. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Your answer is incorrect. Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2022. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 , 2022 eTextbook and Media Attempts: 2 of 2 used (c) Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Current Attempt in Progress Sheffield Company issued $400,000,12%,10-year bonds on January 1,2022 , for $423,557. This price resulted in an effective-interest rate of 11% on the bonds. Interest is payable annually on January 1 . Sheffield uses the effectiveinterest method to amortize bond premium or discount. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Your answer is incorrect. Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2022. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 , 2022 eTextbook and Media Attempts: 2 of 2 used (c) Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)