Refer to the information for Drew Company above On December 31
Refer to the information for Drew Company above.
On December 31, 2011, Drew Company issued $350,000, five-year bonds for $320,000. The stated rate of interest was 7 percent and interest is paid annually on December 31.

Required:
Prepare the necessary journal entry on December 31, 2013, assuming the straight-line method is followed.
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