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Compute interest revenue on the income statement

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Question - Oliver Company purchased $1,500,000 of 10% bonds of McGee Corporation on January 1, 2018, paying $1,410,375. The bonds mature January 1, 2028. Interest is payable each July 1 and January 1. The discount of $89,625 provides an effective yield of 11%. Oliver Company uses the effective-interest method and plans to hold these bonds to maturity.

For the year ended December 31, 2018, Oliver Company should report interest revenue on the income statement from the McGee bonds of?

Reference no: EM132190343

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