Determine the amount of interest to be included in income

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Reference no: EM132768896

Problem 1: Determine the amount of interest to be included in Income in Years 1, 2, and 3 for each of the following situations.

Percel Ltd. has a December 31 year end. In Year 1, Percel purchased a $10,000 bond on its Issue date of November 1. The bond pays interest at 6% compounded annually. Percel will receive interest when the bond matures on October 31, Year 3
Debra Singh purchased a $10,000 bond on its issue date, November 1, Year 1. The bond pays interest at 6%. compounded annually. Debra will receive the interest when the bond matures on October 31, Year 3.

Reference no: EM132768896

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