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How much is the interest income on january

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On January 1, 20x1, Entity A acquires 5-year, 5%, ?1,000,000 face amount bonds for ?957,876 and classifies them as available for sale financial assets. The issuer pays annual interest every December 31. The effective interest rate is 6%. On December 31, 20x1, the bonds have a fair value of ?980,000.

Problem 1: How much is the interest income in 20x1?

a. 50,000
b. 57, 473
c. 58,800

Reference no: EM132811381

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