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On January 1, 2019, Tonika Company issued a six-year, $10,000, 10% bond. The interest is...

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Accounting

On January 1, 2019, Tonika Company issued a six-year, $10,000, 10% bond. The interest is payable annually each December 31. The issue price was $9,577 based on an 11% effective interest rate. Tonika uses the effective-interest amortization method. The interest expense on the income statement for the year ended December 31, 2019 is closest to:

Multiple Choice

$1,171.

$1,053.

$1,000.

$958.

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