Sheridan Company sold $2,500,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January...

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Sheridan Company sold $2,500,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Sheridan Company uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. Your answer is partially correct. Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023. (Credit account titles are automatically indented when 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 Dec. 31, 2022 Cash Jan 1, 2023 Bonds Payable Premium on Bonds Payable Dec. 31, 2023 Interest Expense Premium on Bonds Payable Debit 2550000 5000 150000 5000 Credit 255 15 Sheridan Company sold $2,500,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Sheridan Company uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. Your answer is partially correct. Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023. (Credit account titles are automatically indented when 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 Dec. 31, 2022 Cash Jan 1, 2023 Bonds Payable Premium on Bonds Payable Dec. 31, 2023 Interest Expense Premium on Bonds Payable Debit 2550000 5000 150000 5000 Credit 255 15