On November 1,2015,Archangel Services Issued $200,000 of 10-Year Bonds with a Stated

question 51

Multiple Choice

On November 1,2015,Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%.The bonds were sold at discount for $191,000,and make semiannual payments on April 30 and October 31.At December 31,2015,Archangel made an adjusting entry to accrue interest at year-end.No further entries were made until April 30,2016 when the first interest payment was made.How much interest expense will be recorded for the period of January through April,2016?

• A) $3,000
• B) $2,700
• C) $2,000
• D) $2,300

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Definitions:

Duress

A condition where an individual performs an act as a result of violence, threat, or other pressures against them, impacting the voluntariness of their consent.

Insanity

A legal defense arguing that due to mental illness at the time of committing a crime, a person was unable to understand the nature of their actions or distinguish right from wrong.

Defense of Others

A legal justification for actions taken to protect another person from harm or violence.

Due Process

A constitutional principle that ensures fair treatment through the normal judicial system, especially as a citizen's entitlement.