Teton corporation issued 600000 of 7 bonds on november 1, Accounting Basics

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Teton corporation issued 600000 of 7 bonds on november 1

Teton Corporation issued $600,000 of 7% bonds on November 1, 2014, for $644,636. The bonds were dated November 1, 2014, and mature in 10 years, with interest payable each May 1 and November 1. Teton uses the effective-interest method with an effective rate of 6%. Prepare Teton's December 31, 2014, adjusting entry.

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Accounting Basics: Teton corporation issued 600000 of 7 bonds on november 1

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