On January 1,2017,Finch Company Issued $89,000 of Five-Year,8% Bonds When

question 72

Multiple Choice

On January 1,2017,Finch Company issued $89,000 of five-year,8% bonds when the market interest rate was 12%.The issue price of the bonds was $73,000.Finch uses the effective-interest method of amortization for bond discount.Semiannual interest payments are made on June 30 and December 31 of each year.How much interest expense will be recorded when the first interest payment is made? (Round your answer to the nearest dollar number. )

• A)$2,920
• B)$4,380
• C)$3,560
• D)$5,340

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Definitions:

Social Identity

Refers to the portion of an individual's self-concept derived from perceived membership in a relevant social group.

Collectivist Cultures

Cultures that value the goals, needs, and views of the group over the individual, emphasizing community and family ties.

Individualist Cultures

Societies that emphasize personal achievements and individual rights, often prioritizing the individual over the group.

Gender Differences

Variations in characteristics, behaviors, physical traits, and roles commonly associated with male and female individuals.