On January 1, Year 1, Weller Company issued bonds with a $230,000 face value, a stated rate of interest of 10.00%, and a 10-year term to maturity. Weller uses the effective interest method to amortize bond discounts and premiums. The market rate of interest on the date of issuance was 8.00%. Interest is paid annually on December 31.Assuming Weller issued the bond for $248,240, what is the amount of interest expense that will be recognized during Year 3? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
A. $19,859
B. $26,663
C. $19,337
D. $23,000
Answer: C
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