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What amount of interest must be included in income

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Reference no: EM132990527

Problem - Peter purchased a $70,000 bond on its issue date, November 1, 2019. The bond pays interest at maturity, October 31, 2022, at a 3% annual interest rate.

What amount of interest must be included in income for 2019?

What amount of interest must be included in income for 2020?

Assume Peter is a corporation (Peter Ltd.) instead of an individual. Peter Ltd. purchased a $70,000 bond on its issue date, November 1, 2019 and the bond pays interest at maturity, October 31, 2022, at a 3% annual interest rate. Peter Ltd. has a December 31st year end.

Reference no: EM132990527

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