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On January 1, 2022, Pipestone Corporation issued a five-year, $40,000,9% bond. The interest is payable annually each December 31 . The issue price was $38,483

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On January 1, 2022, Pipestone Corporation issued a five-year, $40,000,9% bond. The interest is payable annually each December 31 . The issue price was $38,483 based on an 10% effective interest rate. Pipestone uses the effective-interest amortization method. The December 31, 2023 book value after the December 31, 2023 interest payment was made is closest to: Multiple Choice $38,483. $38,459. $38,657. $39,004

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