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Grouper Corporation issued $650,000 of 9% bonds on November 1, 2017, for $694,171. The bonds were dated November 1, 2017, and mature in 10 years,

Grouper Corporation issued $650,000 of 9% bonds on November 1, 2017, for $694,171. The bonds were dated November 1, 2017, and mature in 10 years, with interest payable each May 1 and November 1. Grouper uses the effective-interest method with an effective rate of 8%.

Prepare Groupers December 31, 2017, adjusting entry.

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