Question: On January 1 , 2 0 2 2 , Pipestone Corporation issued a six - year, $ 4 0 , 0 0 0 , 6

On January 1,2022, Pipestone Corporation issued a six-year, $40,000,6% bond. The interest is payable annually each December 31. The issue price was $38,092 based on an 7% effective interest rate.Pipestone uses the effective-interest amortization method. The book value of the bonds as of December 31,2022 is closest to:

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