Culver Corporation issued $680,000 of 9% bonds on November 1, 2020, for $719,619. The bonds were dated November 1, 2020, and mature in 8 years, with interest payable each May 1 and November 1. Culver uses the effective-interest method with an effective rate of 8%. Prepare Culver’s December 31, 2020, adjusting entry
