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Find the amount to be reported in berlin income statement

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Reference no: EM132635803

Problem 1: On October 1, 2020, Berlin Corp. purchased 250, $1,000, 9% bonds for $260,000. An additional $7,500 was paid for the accrued interest, which is paid semi-annually on December 1 and June 1. The bonds mature on December 1, 2024 and will be held to maturity. Berlin uses the straight-line method of amortization and the amortized cost model for these bonds. Ignoring income taxes, the amount to be reported in Berlin's 2020 income statement as a result of this investment is

Option 1: $3,750.

Option 2: $5,025.

Option 3: $5,625.

Option 4: $6,225.

Reference no: EM132635803

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