Piazzi, Inc. sold $400,000 of its 9%, five-year bonds dated January 1, 2013, on May 1, 2013, for $393,000 plus accrued interest. Interest is paid on January 1 and July 1 and straight-line amortization is used.
1. Refer to Exhibit 14-8. Interest expense after the July 1, 2013, interest payment has been posted is
a.$12,500.
b.$6,250.
c.$12,000.
d. $18,000.
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