On Jan. 1, 2017, the City of Phoenix issues a $2,000,000 10-year bond with a 4.75% contractual interest rate, to be paid annually, for the construction of a cross-town freeway. It was issued for $1,961,384 when the market rate was 5%. Interest payments made on January 1st. The entry to issue the bond was Cash 1,961,384 Bond Discount 38,616 Bond Payable 2,000,000 You must do the following bond related journal entries. Be sure to note which one is c. and d. for grading purposes. c. Prepare the adjusting journal entry required at December 31, 2017 to accrue interest. (2 pts) d. Prepare the journal entry required to pay interest on January 1, 2018. (1 pt)