Cheyenne Co. is building a new music arena at a cost of $ 5,519,000. It received a downpayment of $ 596,000 from local businesses to support the project, and now needs to borrow $ 4,923,000 to complete the project. It therefore decides to issue $ 4,923,000 of 8%, 20-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 10%.

Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. 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.)