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Brief Exercise 14-8 Pearl Corporation issued $530,000of7% bonds on November 1, 2017, for $563,288. The bonds were dated November 1, 2017, and mature in8years, with 

Brief Exercise 14-8 Pearl Corporation issued $530,000of7% bonds on November 1, 2017, for $563,288. The bonds were dated November 1, 2017, and mature in8years, with interest payable each May 1 and November 1. Pearl uses the effective-interest method with an effective rate of6%. Prepare Pearl's December 31, 2017, adjusting entry.

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