Teton Corporation issued $600,000 of 7% bonds on November 1, 2020, for $644,636. The bonds were dated November 1, 2020, and mature in 10 years, with interest payable each May 1 and November 1. Teton...

Teton Corporation issued $600,000 of 7% bonds on November 1, 2020, for $644,636. The bonds were dated November 1, 2020, and mature in 10 years, with interest payable each May 1 and November 1. Teton uses the effective-interest method with an effective rate of 6%. Prepare Teton's December 31, 2020, adjusting entry.