Knowles Company issued $100,000 of bonds at face value on January 1.The bonds carry an 8% annual stated rate of interest.Interest is payable in cash on December 31 of each year.Which of the following reflects the financial statement effects of the first interest payment? 
Definitions:
Database Management
The practice of storing, organizing, and maintaining data in a database system, ensuring data accuracy and accessibility.
Enterprise Resource Planning
A type of software that businesses use to manage and integrate important parts of their operations, including planning, purchasing, inventory, sales, marketing, finance, and human resources.
Application Program
Software designed to perform specific tasks or functions for the user, such as word processing or database management.
Microsoft Excel
A spreadsheet program developed by Microsoft that allows users to organize, format, and calculate data with formulas using a system of rows and columns.
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