Sheffield Ltd$.$ issued a $$1,129,000,10-$year bond dated January $1,2023.$ The bond was sold to yield $12\%$ effective interest. The bond

paid $10\%$ interest on January $1$ and July $1$ each year. The company's year$-$end was December $31,$ and Sheffield followed IFRS. Using $1.$

factor Tables $2.$ a financial calculator, or $3.$ Excel function PV$,$ calculate the amount received for the bond, and any discount or premium

on the bond.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ORDINARY ANNUITY OF $1.($Round present value factor calculations to $5$

decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places e$.$g$.58,971.)$

Proceeds from sale of bond $,$$

on bond $,$$

Prepare the journal entries for above transactions. $($Round answers to $0$ decimal places, e$.$g$.5,275.$ 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 $0$ for the

amounts. List all debit entries before credit entries.$)$Sheffield Ltd$.$ issued a $$1,129,000,10-$year bond dated January $1,2023.$ The bond was sold to yield $12\%$ effective interest. The bond

paid $10\%$ interest on January $1$ and July $1$ each year. The company's year$-$end was December $31,$ and Sheffield followed IFRS. Using $1.$

factor Tables $2.$ a financial calculator, or $3.$ Excel function PV$,$ calculate the amount received for the bond, and any discount or premium

on the bond.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ORDINARY ANNUITY OF $1.($Round present value factor calculations to $5$

decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places e$.$g$.58,971.)$

Proceeds from sale of bond $,$$

on bond $,$$

Prepare the journal entries for above transactions. $($Round answers to $0$ decimal places, e$.$g$.5,275.$ 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 $0$ for the

amounts. List all debit entries before credit entries.$)$