Skysong 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. Skysong uses the effective-interest method with an effective rate of 6%. Prepare Skysong's December 31, 2020, adjusting entry.
