On January 1, Daisey Duke Inc. issued $1,000,000, 9% bonds for $939,000. The mar- ket rate of

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On January 1, Daisey Duke Inc. issued $1,000,000, 9% bonds for $939,000. The mar- ket rate of interest for these bonds is 10%. In- terest is payable annually on December 31.1 Daisey Duke uses the effective-interest method of amortizing bond discount. At the end of the first year, Daisey Duke should report unamor- tized bond discount of:

(a) $54,900.

(b) $57,100.

(c) $51,610.

(d) $51,000.

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