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Problem 10-13A On January 1, 2019, Cheyenne Corp. issued $2,920,000 face value, 8%, 10-year bonds at $3,125,089. This price resulted in an effective-interest rate of 7% on the bonds. Cheyenne uses the amortize bond premium or discount. The bonds pay annual interest on each January 1 effective-interest method Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on January 1, 2019. (2) Accrual of interest and amortization of the premium on December 31, 2019 (3) The payment of interest on January 1, 2020 (4) Accrual of interest and amortization of the premium on December 31, 2020. Account Titles and Explanation No. Date Debit Credit (1) (2) Dec. 31, 2019 (3) (4) Dec. 31, 2020 Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2020. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What amount of interest expense is reported for 2020? Interest expense Would the bond interest expense reported in 2020 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2020 will be the amount that would be reported if the straight-line method of amortization were used Open Show Work Click if you would like to Show Work for this