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Ivanhoe Company issued $320,000, 7%, 10-year bonds on January 1, 2022, for $343,551. This price resulted in an effective-interest rate of 6% on the bonds.

Ivanhoe Company issued $320,000, 7%, 10-year bonds on January 1, 2022, for $343,551. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. Ivanhoe uses the effective-interest method to amortize bond premium or discount.

Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022.

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