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Metlock Corporation issued $490,000 of 7% bonds on November 1, 2020, for $520,776. The bonds were dated November 1, 2020, and mature in 8 years,

Metlock Corporation issued $490,000 of 7% bonds on November 1, 2020, for $520,776. The bonds were dated November 1, 2020, and mature in 8 years, with interest payable each May 1 and November 1. Metlock uses the effective-interest method with an effective rate of 6%. Prepare Metlocks December 31, 2020, adjusting entry.

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