On November 1,2017,Austin Services issued $304,000 of five-year bonds with a stated rate of 11%.The bonds were issued at par,and Austin makes semiannual payments on April 30 and October 31.On December 31,2017,Austin made an adjusting entry to accrue interest at year-end.No further entries were made until April 30,2018,when the first payment was made.What amount of interest expense was recorded for the period of January 1 to April 30,2018? (Do not round any intermediate calculations,and round your final answer to the nearest dollar. )
A) $11,147
B) $33,440
C) $16,720
D) $26,752
Correct Answer:
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