Martin Equipment has a June 30/20 year end and issues a $100,000 bond bearing interest at 6% for 94.5. At the time the bond was issued the market rate of interest was 8%. The bond was issued on May 1, 2020 and pays interest on November 1 and May 1 of each year. Use the effective interest method of amortization if needed. Round all amounts to the nearest dollar, no descriptions are needed.

Record any June 30, 2020 year end entries if needed.

Record all entries needed with the November 1, 2020 interest payment.