Izzy Corporation issued $400,000 of 7% bonds on November 1, 2008, for $429,757. The bonds were dated

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Izzy Corporation issued $400,000 of 7% bonds on November 1, 2008, for $429,757. The bonds were dated November 1, 2008, and mature in 10 years, with interest payable each May 1 and November 1. Izzy uses the effective interest method with an effective rate of 6%. Prepare Izzy’s December 31, 2008, adjusting entry.

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