Jorge Corp issued $550,000 of​ 6%, 10−year bonds on January​ 2, 2018 for $540,000. In​ addition, the company incurred​ $50,000 in bond issue costs. Interest is paid annually on December 31. What is the correct amount of bond interest expense to be recorded on December​ 31, 2018 using​ GAAP? A. $33,000 B. $42,091 C. $37,240 D. Unable to determine.

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