The effective-interest method

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Reference no: EM13520912

On January 1, Charlie Corporation issued $3,000,000, 14%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $3,216,288. The market rate of interest for these bonds was 12%. Under the effective-interest method, the debit entry to interest expense on July 1 is for (round to the nearest dollar):

A. $192,978
B. $180,000
C. $188,237
D. $210,000

Reference no: EM13520912

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