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Daniel purchased a bond on July 1, 2010, at par of $10,000 plus accrued interest of $400. On December 31, 2010, Daniel collected the $800 interest for the year. On January 1, 2011, Daniel sold the bond for $10,200.
A) Daniel must recognize $800 interest income for 2010 and a $200 gain on the sale of the bond in 2011.
B) Daniel must recognize $400 interest income for 2010 and a $200 loss on the sale of the bond in 2011.
C) Daniel must recognize $800 interest income for 2010 and a $200 loss on the sale of the bond in 2011.
D) None of the above.
E) Daniel must recognize $400 interest income for 2010 and a $200 gain on the sale of the bond in 2011.
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
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