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On January 1, 2020, Sheffield Corporation issued $780,000, , 5 year bonds dated January 1,...

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Accounting

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On January 1, 2020, Sheffield Corporation issued $780,000, , 5 year bonds dated January 1, 2017 at 96. The bonds pay amortization and has a calendar year end Interest on January 1. The company is the street line method of Prepare all the journal entries that Sheffield Corporation would make related to this bond issue through January 1, 2021. Be sure to indicate the date on which the entries would be made. Credit runt titles are automatkoilly Indent when the sent . Do not indent a lly Date Account Titles and Explanation Debit Credit January 200 LI 748800 Discount on Bonds Payable 1200 Bonds Payable (To record sale of bonds at a disco Interest Expense December 31, 2020 Interest Pay To record annual accrued bond interest and amortization of bond discount) Interest Payable To record payment of bond Interestati

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