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What amount of interest income should be reported

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Question - At the beginning of 2018, Will Corporation purchased 8% bonds with a face value of $100,000. These bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were purchased for $92,278 to yield 10%. Will uses a calendar-year reporting of period. Using the effective-interest method of amortization, what amount of interest income should be reported for 2018?

Reference no: EM133079994

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