On January $1,2022,$ Pipestone Corporation issued a four$-$vear. $$40\mathrm{.}000.8\%$ bond. The interest is Davable annuallv each December $31.$ The issue price was $$38,703$ based on an $9\%$ effective Interest rate. Pipestone uses the effective$-$interest amortization method.

The December $31,2023$ book value after the December $31,2023$ interest payment was made is closest to

Multiole Choice

$$38,912.$

$$38,703.$

$$39\mathrm{.}295$

$$38\mathrm{.}679$