On January 1, 2020, Cheyenne Corporation issued $590,000 of 7% bonds, due in 10 years. The bonds were issued for $549,909, and pay interest each July 1 and January 1. Company maintains its records under IFRS. 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. Assume an effective-interest rate of 8%. (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. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 590,000 Bonds Payable 590,000 July 1 4 Interest Expense 23600 Discount on Bonds Payable 2950 Cash 20650 Dec. 31 Interest Expense 23,482 Discount on Bonds Payable 2,832 Interest Payable 20650