On December 31, 2017, American Bank enters into a debt restructuring agreement with Cheyenne Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,300,000 note receivable by the following modifications:

1.		Reducing the principal obligation from $4,300,000 to $3,440,000.
2.		Extending the maturity date from December 31, 2017, to January 1, 2021.
3.		Reducing the interest rate from 12% to 10%.

Cheyenne pays interest at the end of each year. On January 1, 2021, Cheyenne Company pays $3,440,000 in cash to American Bank.

Prepare the interest payment entry for Cheyenne Company on December 31, 2019. (Round answers to 0 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
December 31, 2019

What entry should Cheyenne make on January 1, 2021? (Round answers to 0 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
December 31, 2021