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Current Attempt in Progress

On January $1,$ Sheridan Company issued $$365,000,7\%,20-$year bonds at face value. Interest is payable annually on January $1.$ Include margin explanations for the changes in revenues and expenses.

Prepare a tabular summary to record the following events.

$($a$)$ The issuance of the bonds.

$($b$)$ The acicrual of interest on December $31.$

$($c$)$ The payment of interest on January $1.$

$($If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign $($or parentheses$)$ in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.$)$

Assets $q,=q,$