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How much interest expense will be accounted

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Question - On January 1, 2015, Kramer International Inc. issued $400,000, 9%, 5-year bonds for $384,556. The bonds were sold to yield an effective interest rate of 10%. Interest is paid semi-annually on June 30 and December 31. The company uses the effective-interest method of amortization. How much interest expense will be accounted for in 2015?

A. $19,289.20

B. $19,227.80

C. $38,517.00

D. $38,455.60

E. None of the other alternatives are correct

Reference no: EM132593838

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