Sheridan Corporation issued $560,000 of 7% bonds on November 1, 2020, for $601,659. The bonds were dated November 1, 202

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Sheridan Corporation Issued 560 000 Of 7 Bonds On November 1 2020 For 601 659 The Bonds Were Dated November 1 202 1 (25.71 KiB) Viewed 34 times

Sheridan Corporation issued $560,000 of 7% bonds on November 1, 2020, for $601,659. The bonds were dated November 1, 2020, and mature in 10 years, with interest payable each May 1 and November 1. Sheridan uses the effective-interest method with an effective rate of 6%. Prepare Sheridan's December 31, 2020, adjusting entry. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit