1 Elbow Company sells $100,500 of 17%, 20-year bonds for 96 on April 1, 2020. The market rate of interest on that day is 175%. Interest is paid each year on April 1. Elbow Company uses the straight-line amortization method Write the adjusting entry required at December 31, 2020 (Record debits first, then credits. Explanations are not required. Hold all decimals for interim calculations. Round your final answers to the nearest whole dollar.) Journal Entry 2020 Accounts Debit Credit Dec 31