On January 1, 2022, Cheyenne Company issued $1,400,000 face value, 7%, 10-year bonds at $1,503,035. This price resulted in a 6% effective-interest rate on the bonds. Cheyenne uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. Your answer is partially correct. Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. 2. The issuance of the bonds on January 1, 2022. Accrual of interest and amortization of the premium on December 31, 2022. The payment of interest on January 1, 2023. Accrual of interest and amortization of the premium on December 31, 2023. 3. 4. Debit Credit Date Account Titles and Explanation Premium on Bonds Payable Jan. 1, Cash 2022 1,503,035 Bonds Payable 1,400,000 Premium on Bonds Payable 103,035 Dec. 31, 2022 Interest Expense Premium on Bonds Payable Interest Payable Jan. 1, Interest Payable 2023 Cash Dec. 31, 2023 Interest Expense Premium on Bonds Payable Interest Payable