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  3. on january 1, 2017, day co. paid $103,288 for $100

On January 1, 2017, Day Co. paid $103,288 for $100,000 face amount 10% bonds, a...

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Accounting

On January 1, 2017, Day Co. paid $103,288 for $100,000 face amount 10% bonds, a price that yields 8%. Interest is payable every July 1 and January 1. Interest revenue for the year ended December 31, 2017, using the effective interest method should be approximately:

Select one:

a. $10,329

b. $8,263

c. $8,228

d. $8,000

e. $10,000

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