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On January 1,2022 , Pipestone Corporation issued a six-year, $40,000,9% bond. The interest is payable annually each December 31 . The issue price was $38,259

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On January 1,2022 , Pipestone Corporation issued a six-year, $40,000,9% bond. The interest is payable annually each December 31 . The issue price was $38,259 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 $38,259. $38,411 $38,235. $38,734

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