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What amount must chi corporation report as interest income

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Problem 1: On January 1, 2020, Chi Corporation bought 4,000 of $1,000 face value, 10% bonds of Heart Corporation for $4,270,600. The bonds will mature on January 1, 2025 and pay interest semi-annually on January 1 and July 1. Bonds effective interest rate is 8%. Chi Corporation has a business model of collecting all the contractual cash flows related to the instrument. What amount must Chi Corporation report as interest income on the bonds?

Reference no: EM132895714

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