Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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  1. Barrow Company purchased $400,000 of 10% bonds of Talent Co, on January 1, 2011, paying $376,100. The bonds mature January 1, 2021; interest is payable each July 1 and January 1. The discount of $23,900 provides an effective yield of 11%. Barrow Company uses the effective-interest method and holds these bonds for collection. For the year ended December 31, 2011, Barrow Company should report interest revenue from the Talent Co. bonds of:

Select one:

a.$41,409

b.$41,368

c$42,392

d.$45,000

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