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Question - On 1 January 20X8, Khalil Ltd. purchased $1.200,000 of six year, Harvest Lid. 10.8% bonds. The bonds pay semi-annual interest each 30 June and 31 December. The market interest rate was 12% on the date of purchase. Khalil is a private company that complies with ASPE and uses straight-line amortization.
Required -
1. Calculate the price paid by Khalil Ltd. (Round your time value factors to five decimal places. Do not round your calculations and round the final answer to the nearest whole dollar amount)
2. Construct a table that shows interest revenue reported by Khalil and the carrying valued of the investment for four periods Use the straight-line method. (Do not round your intermediate calculations. Round you were amount.)
3. Prepare the entries for the first four interest periods based on your calculators in requirement 2.
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