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Wildhorse C0. issued $6,720,000 of 8% bonds on October 1,2020 , due on October 1,2025...

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Accounting

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Wildhorse C0. issued $6,720,000 of 8% bonds on October 1,2020 , due on October 1,2025 . The interest is to be paid twice a year on April 1 and October 1 . The bonds were sold to yield 10% effective annual interest. Wildhorse Co. closes its books annually on December 31. Prepare the adjusting entry for December 31, 2021. Use the effective-interest method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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