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On January 1, 2025, Cheyenne Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds were issued for $494,220, and pay interest each

On January 1, 2025, Cheyenne Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds were issued for $494,220, 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. Cheyenne uses the effective-interest method.

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