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Question 1: On January1, 2018, Kiwi Co. issued $500,000, 4.25% bonds at 93, when the market rate of interest was 5%. The bonds come due on December 31, 2030. Kiwi uses the straight-line method of amortization. (Round all calculations to the closest dollar.) Interest is paid each June 30 and December 31. What does Kiwi Co. report on their 2018 income statement, as interest expense related to these bonds, and what is the interest income received by the bondholders for 2018?
A. $11,971 $0
B. $12,500 $10,625
C. $23,942 $21,150
D. $13,846 $10,625
E. $28,750 $21,250
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