Refer to the information for Drew Company below. On January 1,

Refer to the information for Drew Company below.
On January 1, 2020, Drew Company issued $350,000, 5-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on December 31.
Required:
Prepare the necessary journal entry on December 31, 2021, assuming the straight-line method is followed.

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