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On January 1, 2019, Tonika Company issued a six year, $10,000, 7% bond. The interest is payable annually cach December 31. The issue price was

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On January 1, 2019, Tonika Company issued a six year, $10,000, 7% bond. The interest is payable annually cach December 31. The issue price was $9,538 based on an 8% effective interest rate. Tonika uses the effective-interest amortization method. The book value of the bonds as of Decpmber 31, 2019 is closest to Multiple Choice $63 $8.836 $9501 $9.475

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