On January 1, Charlie Corporation issued $3,000,000, 14%, 5-year bonds with interest payable on January...
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Accounting
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 (rounded to the nearest dollar):
a$180,000.
b$188,237.
c$192,978.
d$210,000.
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