Cheyenne Corporation sold s2.210,000, 7%, 5-year bonds on January 1, 2017 . The bonds were dated January 1, 2017, and pay interest on January 1. Cheyenne Corporation uses the straight-line method to amortize bond premium or discount. Your answer is partially correct. Try again. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 104. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2298400 Bonds Payable 2210000 Premium on Bonds Payable 88400 Dec. 31 Interest Expense 137020 Premium on Bonds Payable 17680 Cash 154700