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On January 1,2022 , Pipestone Corporation issued a five-year, $40,000,7% bond. The interest is payable annually each December 31 . The issue price was $38,404

On January 1,2022 , Pipestone Corporation issued a five-year, $40,000,7% bond. The interest is payable annually each December 31 . The issue price was $38,404 based on an 8% 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 $38,380. $38,404. $38,970

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