Multiple Choice
On 1 November 2016,Archangel Services issued $332,000 of 8-year debentures with a stated rate of 11% at par.The debentures make semiannual payments on 30 April and 31 October.At 31 December 2016,Archangel made an adjusting entry to accrue interest at year-end.How much Interest expense will be recorded at 31 December 2016? (Round to the nearest dollar. )
A) $6087
B) $36,520
C) $761
D) $18,260
Correct Answer:
Verified
Correct Answer:
Verified
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