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What is the amount of interest revenue

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Problem - On January 3, 2020, Maddox Co. acquires $100,000 of Glenn Company's 10-year, 10% bonds at a price of $106,418 to yield 9%. Interest is payable each December 31. The bonds are classified as held-to-maturity. Assuming that Maddox Co. uses the effective-interest method, what is the amount of interest revenue that would be recognized in 2020 related to these bonds?

Reference no: EM132892868

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