Prepare journal entries to record the following transactions relating to longterm bonds of Cheyenne Corp.

On June 1, 2020, Cheyenne Corp issued $7,520,000, 6 bonds for $7,370,540, which includes accrued interest Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2030 The bonds are callable at 102 .

On August 1, 2020, Cheyenne paid interest on the bonds and recorded amortization .

Cheyenne paid interest and recorded amortization on all of the bonds, and purchased $4,700,000 of the bonds at the call price Assume that a reversing entry was made on January 1, 2022 .