Whispering Corporation issued $480,000 of 7% bonds on November 1, 2017, for $515,707. The bonds were dated November 1, 2017, and mature in 10 years, with interest payable each May 1 and November 1. Whispering uses the effective-interest method with an effective rate of 6%. Prepare Whispering's December 31, 2017, adjusting entry.
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