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What is the amount of interest cullumber must pay

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Reference no: EM132776079

Problem 1: Cullumber Company received proceeds of $483000 on 10-year, 8% bonds issued on January 1, 2019. The bonds had a face value of $512000, pay interest annually on December 31, and have a call price of 103. Cullumber uses the straight-line method of amortization. What is the amount of interest Cullumber must pay the bondholders in 2019?

A. $43860
B. $38060
C. $40960
D. $38640

Reference no: EM132776079

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