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How much should barbie company report as interest income

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Reference no: EM132864573

Question 1: On January 1, 2020, Barbie Company purchased 4,000 of $1,000 face value, 10% bonds of Ken Company for $4,270,600. The bonds will mature on January 1, 2024 pay interest semi-annually on January 1 and July 1. Bonds effective interest rate is 8%. In its December 31, 2020 income statement, how much should Barbie Company report as interest income on the bonds?

Reference no: EM132864573

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