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Construct table that shows interest revenue reported by co

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On January 1, 20X2, Company Ltd. purchased $1,000,000 of ABC Ltd. 5% bonds, classified as an AC investment. The bonds pay semi-annual interest each June 30 and December 31. The market interest rate was 6% on the date of purchase. The bonds mature on December 30, 20X11.

Problem 1. Calculate the price paid by Company.

Problem 2. Construct a table that shows interest revenue reported by Company, and the carrying value of the investment, for the first 2 interest periods. Use the effective-interest method.

Problem 3. Give entries for the first payment based on your calculations in requirement 2.

Reference no: EM132969507

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