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Teton Corporation issued $654,000 of 7% bonds on November 1, 2014, for $702,652. The bonds were dated November 1, 2014, and mature in 10 years,

Teton Corporation issued $654,000 of 7% bonds on November 1, 2014, for $702,652. The bonds were dated November 1, 2014, and mature in 10 years, with interest payable each May 1 and November 1. Teton uses the effective-interest method with an effective rate of 6%.

Prepare Tetons December 31, 2014, adjusting entry.

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