Mayberry, Inc., issued $100,000 of 10-year, 12% bonds dated April 1, 2016, for $102,360 on April 1, 2016. The bonds pay interest annually on April 1, beginning in 2017. Straight-line amortization is used by the company. What entry is required at April 1, 2017 for the first interest payment?

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The Answer of Mayberry, Inc., issued $100,000 of 10-year, 12% bonds dated April 1, 2016, for $102,360 on April 1, 2016. The bonds pay interest annually on April 1, beginning in 2017. Straight-line amortization is used by the company. What entry is required at April 1, 2017 for the first interest payment?