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Vaughn Corporation issued $530,000 of 7% bonds on November 1, 2017, for $563,288. The bonds were dated November 1, 2017, and mature in 8 years,

Vaughn Corporation issued $530,000 of 7% bonds on November 1, 2017, for $563,288. The bonds were dated November 1, 2017, and mature in 8 years, with interest payable each May 1 and November 1. Vaughn uses the effective-interest method with an effective rate of 6%. Prepare Vaughns December 31, 2017, adjusting entry.

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