Concord Corporation issued $$670,000$ of $9\%$ bonds on November $1,2020,$ for $$715,529.$ The bonds were dated November $1,2020,$ and mature in $10$ years, with interest payable each May $1$ and November $1.$ Concord uses the effective$-$interest method with an effective rate of $8\%.$

Prepare Concord's December $31,2020,$ adjusting entry. $($Round intermediate calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.38,548.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit