A company purchased $108,000 of 6% bonds on May 1 at par value. The bonds pay interest on March 1 and Septembert. The amount of interest accrued on December 31 (the company's year-end) would be: Muncle Choice 13.240 O 30 $9200 SLOBO Following is an incomplete current-year income statement Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $54,375). Inventory turnover is 5 (average inventory is $6,500). Accounts receivable turnover is 8 (average accounts receivable is $6,400). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 7,500 2,500