Problem 17-2 On January 1, 2017, Cheyenne Company purchased $470,000, 10% bonds of Aguirre Co. for $435,405. The bonds were purchased to yield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2022. Cheyenne Company uses the effective- iInterest method to amortize discount or premium. On January 1, 2019, Cheyenne Company sold the bonds for $436,876 after receiving interest to meet its liquidity needs Prepare the journal entry to record the purchase of bonds on January 1. Assume that the bonds are classified as available-for-sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1, 2017