On January 1, 2014, Bear Cove Co. issued its 11% bonds in the face amount of $3,000, which mature on January 1, 2024. The bonds were issued for $3,385 to yield 9%. Bear Cove uses the effective-interest method of amortizing the bond premium. Interest is payable annually on December 31. The 2015 Interest Expense is approximately: Select one: O a. $358 O b. $305 X c. $302 d. $330 o e. $355 The correct answer is: $302 On January 1, 2014, Bear Cove Co. issued its 11% bonds in the face amount of $3,000, which mature on January 1, 2024. The bonds were issued for $3,385 to yield 9%. Bear Cove uses the effective-interest method of amortizing the bond premium. Interest is payable annually on January 1. The 12/31/15 bond carrying value is approximately: Select one: O a. $3,385 O b. $3,080 c. $3,332 O O O d. $3,438 X e. $3,360 The correct answer is: $3,332