On January 1, 2017, Ayayai Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Ayayai uses the effective-interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to o decimal places, e.g. 38,548. If no entry is required select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit ()January 1, 2017 Cash 698,454 Y. Premium on Bonds Payable 38,454 Bonds Payable 660,000 (b) July 1, 2017 Interest Expense 55,883.60 Premium on Bonds Payable 5,923.68 Cash 59,400 (c) December 31, 2017