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On January 1, Year 1, Jennings, Inc. issued $400,000, 10-year, 10% bonds for $354,120. The...

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Accounting

On January 1, Year 1, Jennings, Inc. issued $400,000, 10-year, 10% bonds for $354,120. The bonds pay interest on June 30 and December 31. The market rate is 12%. What is the amount of the first interest payment on June 30, Year 1?

Select one:

a. $20,000

b. $40,000

c. $35,412

d. $21,247

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