Question: please explain why $951 is the correct answer Question 5 0/3 pts On January 1, 2019, Tonika Company issued a seven-year, $10,000, 9% bond. The

please explain why $951 is the correct answer Question 5 0/3

please explain why $951 is the correct answer

Question 5 0/3 pts On January 1, 2019, Tonika Company issued a seven-year, $10,000, 9% bond. The interest is payable annually each December 31. The issue price was based on a 10% effective interest rate. Tonika uses the effective-interest amortization method. The interest expense on the income statement for the year ended December 31, 2019 is closest to: ed $900 $856 ver $951 $1069

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