Accounting Practice Problem 2 Background: The fiscal year is winding down and the company you work for is counting on you to run some analysis on company financials. The company had a great year, but the managers want a second set of eyes to look at these numbers. Determine the answer for the following situation and report back to your manager. On 1/1/X4, five-year semiannual 9% term bonds with a face value of $1,000,000 were issued for $961,391. The bonds were issued to yield a market rate of 10% per year, compounded semiannually. Under the effective interest method of amortization, what is the total interest expense for year X4? A. $48,070 B. $48,861 C. $96,140 D. $96,293 E. $97,722 ONLY ONE CORRECT