On 1 November 2016,Archangel Services Issued $301,000 of 5-Year Debentures

Multiple Choice

On 1 November 2016,Archangel Services issued $301,000 of 5-year debentures with a stated rate of 15%.The debentures were sold at par,and Archangel makes semiannual payments on 30 April and 31 October.At 31 December 2016,Archangel made an adjusting entry to accrue interest at year-end.No further entries were made until 30 April 2017,when the first payment was sent out.How much interest expense was recorded for the period of 1 January to 30 April 2017? (Round to the nearest dollar. )

A) $45,150
B) $22,575
C) $36,120
D) $15,050