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Determine the interest income of the FAA debt security

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Reference no: EM132612224

Question - On January 1, 2020 Currie Company purchased 14%, 3 year loan from Thompson Corporation. The market interest rate at the time of acquisition is 12% the interest is payable semi-annually every June 30 and December 31. The face value of debt instrument is $1,000,000 and is classified as FAAC.

Determine the interest income of the FAA debt security for 2020.

Reference no: EM132612224

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