THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 3 - 10. Quiz Company issued $1,000,000 of 10% bonds on January 1, 2020 to yield 8%. The bonds pay interest every July 1 and January 1 and mature on January 1, 2025. The bonds are callable at 103 Assume that Quiz Company uses the effective interest method to amortize the bond discount or premium The adjusting entry on December 31, 2020 would include A credit to interest payable for $50,000 No adjusting entry is required on December 31, 2020. A credit to cash for $50,000 O A credit to premium on bonds payable for $7,026