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What is the amount of interest income

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Problem - On July 1, 2019 Haze Company purchased as a long term investment in Essex Company's 10-year 12% bonds, with face value of P3,000,000 for P2,800,000. Interest is payable semiannually on January 1 and July 1. The bonds mature on July 1, 2024. Haze uses the straight line amortization method. What is the amount of interest income that Haze should report in its income statement for the year 2019?

Reference no: EM132857813

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