On 7/1/16, ABC sold 10% bonds having a maturity value of $700,000 for $756,773.50, resulting...
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On 7/1/16, ABC sold 10% bonds having a maturity value of $700,000 for $756,773.50, resulting in an effective yield of 8%. The bonds are dated 7/1/16 and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and related amortization on 12/31/16.
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