Answer:
$1,065.79
Step-by-step explanation:
Calculation to determine what The interest expense on the income statement for the year ended December 31, 2019 is closest to:
Using this formula
Interest expenses=Issue price * Effective Interest rate
Let plug in the formula
Interest expenses=$9,689*11%
Interest expenses=$1,065.79
Therefore The interest expense on the income statement for the year ended December 31, 2019 is closest to:$1,065.79