A company issued 5-year, 10.00% bonds with a par value of $106,000. The market rate when the bonds were issued was 9.50%. The company received $108,231 cash for the bonds. Using the effective interest method, the amount of recorded interest expense for the first semiannual interest period is:
A. $2650.00.
B. $5140.97.
C. $5300.00.
D. $10,219.02.
E. $10,600.00.
Answer: B
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