On January 1, 2020, Sweet Corporation issued $ 550,000 of 7% bonds, due in 8 years. The bonds were issued for $ 584,545, and pay interest each July 1 and January 1. The effective-interest rate is 6%. 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. Sweet uses the effective interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 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.) Date Account Titles and Explanation Debit Credit n. 1, 2020 Cash 584545 Bonds Payable 550000 Premium on Bonds Payable 34545 Ily 1, 2020 Interest Expense Premium on Bonds Payable Cash 19250 ec. 31, 2020 Interest Expense Premium on Bonds Payable Interest Payable