On September 30, 2018, Tumbler, Inc. recorded their semiannual bond interest expense that contained a credit to Discount on bonds payable of $1,400. The adjusting entry on December 31, 2018 will show a credit to Discount on bonds payable of: (Round your final answer to the nearest dollar.)
A) $1,400
B) $700
C) $263
D) $350
B) $700
Explanation: discount amount × 1/2 (to adjust for 3 of 6 months in semiannual payment); ex: $1,400 × 1/2 = $700.
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