Question: Presented below is the partial bond premium amortization schedule for Sheridan Corp. Sheridan uses the effective-interest method of amortization. Bond Interest Periods Interest Interest

Presented below is the partial bond premium amortization schedule for Sheridan Corp. Sheridan uses the effective-interest method of amortization. Bond Interest Periods Interest Interest Payment Expense Premium Amortization Amortized Cost Issue date $92,330 1 $6,020 $5,540 $480 91,850 2 6,020 5,511 509 91,341 Prepare the journal entry to record the payment of interest and the premium amortization at the end of the first two periods. (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) No. Account Titles and Explanation Debit Credit 1 Interest Expense 2 Cash (To record interest payment.) 6020

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