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What amount hanna company should report accrued interest

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Reference no: EM132791159

Problem 1: On July 1, 2020, Hanna purchased as a long-term investment P5,000,000 to collect contractual cash flows only. The purchase price of the face value 8% bonds was for P4,615,000 to yield 10% per year. The bonds pay interest semiannually on January 1, and July 1. In its December 31, 2020 balance sheet, Hanna Company should report accrued interest receivable at what amount?

Option 1: 230,750
Option 2: 233,333
Option 3: 200,000
Option 4: 400,000

Reference no: EM132791159

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